South African tycoon Piet Mouton’s stake in Capitec Bank loses more than $180 million in 2023

Despite an initial rise in the market value of his stake in Capitec Bank, South African businessman Piet Mouton has experienced a significant decline of more than $180 million in the year-to-date value of his shares.

According to data compiled by Billionaires.Africa, Mouton, a prominent figure among South Africa’s wealthiest individuals, has witnessed a decrease of R2.067 billion ($182.6 million) in the market value of his stake in Capitec Bank since the start of the year.

Capitec Bank, a leading financial institution in South Africa, is renowned for its extensive customer base, comprising one of the largest in the country. The bank has solidified its position as a trusted retail banking brand over the past two decades, with 856 branches and 7,436 ATMs.

Piet Mouton, who has accumulated a substantial fortune through his diverse investment portfolio, currently holds a 5.83-percent stake in Capitec Bank, or 6,752,536 shares. This significant holding places him among the top investors on the Johannesburg Stock Exchange.

Since the start of the year, the market value of Mouton’s stake in Capitec Bank has depreciated by R2.067 billion ($182.6 million), dropping from R12.55 billion ($741 million) on January 1 to R10.48 billion ($558.42 million).

The decline can be attributed to the downturn in the company’s shares on the Johannesburg Stock Exchange and the devaluation of the South African rand, which has significantly impacted the value of assets denominated in the local currency.

As of the time of writing, Capitec Bank’s shares were trading at R1,552.41 ($82.7), marking a 112 basis points decrease from their opening price on the Johannesburg Stock Exchange. Consequently, the financial services group now holds a market capitalization of R182 billion ($9.7 billion).

Since the year began, the share price of Capitec Bank has plummeted by over 16 percent, falling from R1,858.57 ($109.74) on Jan. 1 to R1,552.41 ($82.7) at the time of writing. This decline has pushed the bank’s market capitalization below the $10-billion mark.