South African banker and multimillionaire executive Alan Pullinger has lost millions of dollars in recent times from his stake in FirstRand, due to sustained selling pressures in the bank’s shares on the Johannesburg Stock Exchange.
According to the data tracked by Billionaires.Africa, the market value of Pullinger’s stake in the leading financial services provider has decreased by R51.39 million ($2.7 million) in the past 58 days as investors reduced their stake on the local bourse.
The recent slump in the market value of his stake comes on the heels of a gain of R31.95 million ($1.69 million) that he enjoyed between July 26 and August 12, when the market value of his stake declined from R376.79 million ($19.88 million) to R408.74 million ($21.57 million).
FirstRand, known for its broad financial services portfolio comprising FNB, RMB, WesBank, and Aldermore, holds active operations in South Africa, the UK, and regional markets in Sub-Saharan Africa. The group has firmly established itself as a major player in the industry.
Alan Pullinger, a multimillionaire business executive and CEO of the financial services group, owns a minority stake of approximately 0.1 percent in the leading financial services group, or 5,634,679 ordinary shares in the lender.
Since August 28, FirstRand’s shares have decreased by 12.29 percent, falling from R74.22 ($3.931) to R65.10 ($3.448) at the time of writing.
This sharp downturn has caused the market value of Alan Pullinger’s stake to decline by R51.39 million ($2.7 million) in the past 58 days, from R376.79 million ($19.88 million) on July 26 to R408.74 million ($21.57 million) at the time of writing.
Nevertheless, despite the recent decline in his stake in the South African financial services group, Alan Pullinger remains one of South Africa’s most affluent executives and wealthiest investors on the Johannesburg Stock Exchange.
