South African tycoon Laurie Dippenaar gains $26 million in just 18 days

South African tycoon Laurie Dippenaar has witnessed a remarkable surge in his fortunes over the past 18 days, propelled by the performance of his stake in FirstRand.

According to data tracked by Billionaires.Africa, Dippenaar’s stake in the Johannesburg-based financial services provider, FirstRand, has surged by more than $26 million in the past 18 days, cementing his position as one of South Africa’s richest businessmen.

Dippenaar’s journey to financial success began in 1977 when he co-founded Rand Consolidated Investing alongside partners GT Ferreira and Paul Harris.

The company went through a series of mergers and acquisitions, eventually leading to the formation of FirstRand in the 1990s. Since its inception, FirstRand has played a pivotal role in the financial services industry across Africa.

Currently, Laurie Dippenaar holds a 1.76-percent stake in FirstRand, equivalent to 98,726,988 shares. The surge in FirstRand’s shares has led to a significant increase in the market value of his stake, solidifying his position as one of the richest investors on the Johannesburg Stock Exchange.

Over the past 18 days, FirstRand shares on the local bourse have experienced a notable increase of 7.2 percent, rising from R67.47 ($3.819) to R72.21 ($4.087), resulting in the group’s market capitalization surpassing $22 billion.

Consequently, the market value of Laurie Dippenaar’s stake in the leading financial services provider has risen by R479.8 million ($26.45 million), from R6.66 billion ($377.09 million) to R7.13 billion ($467.96 million) at the time of reporting.

Market analysts attribute the recent increase in FirstRand shares to the surge in buying pressures on the Johannesburg Stock Exchange. As investors actively reshuffle their portfolios, FirstRand’s shares have garnered increased attention and appeal, driving up their value and benefiting stakeholders like Dippenaar.

In addition to his significant interest in the financial services industry, Dippenaar serves as the non-executive chairman of FirstRand, overseeing its operations in both the banking and insurance sectors.