South African businessman Stephen Brookes has suffered significant financial losses since the start of the year from his stake in Johannesburg-based property developer Balwin Properties.
Since the start of the year, Brookes’ stake in Balwin Properties’ has declined by $2.6 million, adding to the significant losses he suffered throughout 2022 when shares in the property developer declined from R3.42 ($0.189) to R2.87 ($0.158).
Balwin Properties, known for its large-scale estates catering to South Africa’s low-to-middle-income population, prides itself on providing affordable and environmentally efficient apartments with innovative lifestyle offerings for residents.
Brookes, a South African real estate mogul who founded Balwin Properties in 1996, is the company’s largest shareholder, holding 170,374,031 shares, or a 36.08-percent stake.
However, the company has faced a challenging period in the market, resulting in substantial losses for its shareholders, especially Brookes, who is one of the richest investors on the Johannesburg Stock Exchange.
Since the start of the year, the share price of Balwin Properties has declined by 9.76 percent, falling from R2.87 ($0.1588) on Jan. 1 to R2.59 ($0.1432) on July 15, thus pushing the group’s market capitalization below $75 million.
As a result of the recent slump in the company’s shares since the start of the year, the market value of Brookes’ stake in Balwin Properties has declined by R47.7 million ($2.64 million) since the start of the year.
According to data tracked by Billionaires.Africa, his stake in the Johannesburg-based property developer has declined from R488.97 million ($27.03 million) at the start of the year to R441.27 million ($24.39 million) at the time of writing.
