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South African businessman Johan Burger has seen a substantial boost in his net worth driven by the recent increase in the market value of his stake in FirstRand, Africa’s most valuable financial services group.
According to data tracked by Billionaires.Africa, the market value of Johann Burger’s stake in FirstRand has surged by R50.5 million ($2.6 million) since the start of the year, thanks to sustained buying interest in the group’s shares on the Johannesburg Stock Exchange.
FirstRand, with its integrated financial services portfolio comprising FNB, RMB, WesBank, and Aldermore, dominates the African market in terms of market capitalization. The conglomerate operates actively in South Africa, the UK, and various regional markets within Sub-Saharan Africa.
Burger, who has been a director at the leading lender since 2009, owns a beneficial 0.110-percent stake, or 6,000,000 ordinary shares, in the leading financial services group.
Since the start of the year, FirstRand shares have increased from R62.12 ($3.25) on Jan. 1 to R70.54 ($3.695) on Aug. 16, accruing a total gain of 13.55 percent to its shareholders and propelling its market capitalization above $20 billion.
This substantial increase in the lender’s shares has caused the market value of Johann Burger’s stake in FirstRand to increase by R50.5 million ($2.6 million) since the start of the year from R372.7 million ($19.5 million) at the start of the year to R423.2 million ($22.2 million) at the time of drafting this report.
The $2.6-million surge in the market value of Burger’s stake further solidifies his position as one of South Africa’s most affluent executives.
