South African real estate tycoon Stephen Brookes, the founder of Balwin Properties, has seen his net worth take a hit in recent months as his stake in the Johannesburg-based property developer, Balwin Properties, slumped by nearly $2 million.
According to the data tracked by Billionaires.Africa, Brookes’ stake in Balwin Properties has declined by $1.8 million in the last 70 days, adding to the significant losses he suffered earlier due to the decline in the share price of Balwin Properties on the Johannesburg Stock Exchange.
Between April 15 and July 24, Brookes experienced a loss exceeding $5 million as the market value of his stake in the property developer declined from R533.27 million ($29.66 million) to R429.34 million ($23.88 million).
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.
Over the past 70 days, the company’s share price has dropped from R2.50 ($0.131) on July 24 to R2.30 ($0.121) as of the time of the drafting of this report. This translates to an eight-percent loss for shareholders.
As a result of the recent slump in the company’s shares over the past 70 days, the market value of Brookes’ stake in Balwin Properties has declined by R34.07 million ($1.8 million), from R425.94 million ($22.31 million) on July 24 to R391.86 ($20.07 million) at the time of drafting this report.
