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In a stunning turnaround, South African businessman Petrus Johannes Mouton (Piet Mouton) has experienced a remarkable boost in the market value of his stake in Capitec Bank, a prominent financial services provider based in Stellenbosch.
After suffering significant losses earlier this year, Mouton has bounced back with an impressive gain of R1.07 billion ($59.1 million) in just 19 days, pushing his stake well above the $500 million mark.
According to data tracked by Billionaires.Africa, Mouton’s stake in Capitec Bank has skyrocketed, compensating for the substantial R3.54 billion ($194.46 million) loss he incurred between Jan. 1 and May 31.
Capitec Bank is a leading financial institution in South Africa, boasting one of the largest customer bases in the country. With 856 branches and 7,436 ATMs, it has established itself as a trusted retail banking brand over the past two decades.
Founded by Michiel Le Roux, Riaan Stassen, and Jannie Mouton, the bank offers a wide range of transactional banking and loan products.
As the head of PSG Group, an investment holding company founded by his father, Jannie Mouton, in 1995, Piet Mouton currently owns 5.78 percent of Capitec Bank, equivalent to 6,685,622 shares.
The recent surge in Capitec Bank’s shares, which rose nearly 12 percent from R1,350 ($74.2) on May 31 to R1,511 ($83.03) on June 19, has propelled its market capitalization above $9.7 billion.
Consequently, Mouton’s stake in the bank surged from R9.02 billion ($496 million) to R10.1 billion ($555.11 million) in just 19 days.
These impressive gains come in addition to the expected R187.2 million ($10.2 million) dividend that Mouton is set to receive from his holdings in Capitec Bank.
The bank reported a remarkable 14-percent surge in profits, reaching R9.7 billion ($531 million) by the end of its 2023 fiscal year, compared to R8.52 billion ($466.4 million) in the previous year.
