South African tycoon Johan Burger suffers $2-million loss from FirstRand stake

South African businessman Johan Burger, a prominent figure in the country’s financial sector, has witnessed a significant decline amounting to millions of dollars from his stake in FirstRand, Africa’s most valuable financial services group.

According to data tracked by Billionaires.Africa, the market value of Burger’s stake in FirstRand has declined by R43.92 million ($2.3 million) in the past three weeks as investors on the local bourse continue to reduce their stakes in the Johannesburg-based group.

FirstRand, with its integrated financial services portfolio comprising FNB, RMB, WesBank, and Aldermore, dominates the African financial services sector in terms of market capitalization. The conglomerate operates actively in South Africa, the UK, and various regional markets within Sub-Saharan Africa.

Burger, a seasoned director at FirstRand since 2009, owns a minority 0.110-percent ownership stake, equivalent to 6,000,000 ordinary shares, in the leading financial services conglomerate.

In recent times, FirstRand shares have decreased from R71.42($3.731) on Sept. 7 to R64.10 ($3.347) at the time of writing this report. This translates to a substantial 10.14 percent loss for the shareholders in the past three weeks.

As a result of the recent slump, the market value of Burger’s stake in the leading financial services provider has declined by R43.92 million ($2.3 million), from R428.52 million ($22.38 million) on Sep. 7 to R384.6 million ($20.1 million) at the time of reporting.

This translates to a financial loss of R43.92 million ($2.3 million) for the South African businessman. Despite the recent slump in the market value of his stake, Burger remains one of South Africa’s most affluent and influential executives within the financial industry.