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South African billionaire Michiel Le Roux has seen a remarkable surge in his wealth over the past four months, driven by the sustained rise in the share price of Capitec Bank, pushing the market value of his stake in the retail bank to a staggering $1.2 billion.
According to data tracked by Billionaires.Africa, Le Roux’s 11.41-percent stake in Capitec Bank has witnessed a substantial increase of R4.73 billion ($245.66 million) due to the recent upswing in the bank’s shares on the Johannesburg Stock Exchange.
Capitec Bank, co-founded by Le Roux alongside Jannie Mouton and Riaan Stassen, has solidified its standing over the past two decades, amassing a substantial customer base. With a network of more than 850 branches and 7,400 ATMs across South Africa, the bank has earned a reputation as one of the world’s top retail banking brands.
Le Roux presently owns an 11.39-percent stake in Capitec Bank. This stake, which translates to a total of 13,190,043 ordinary shares in the group, makes him one of the richest men on the continent.
Over the past four months, Capitec Bank shares on the Johannesburg Stock Exchange have increased by 25.97 percent, with the company’s share price surging from R1,380.94 ($71.708) on June 2 to R1,739.61 ($90.332) at the time of writing this report. This has led to substantial gains for shareholders, including Michiel Le Roux.
The recent surge in the company’s share price has caused the market value of Le Roux’s stake in the prominent financial services group to increase by R4.73 billion ($245.66 million) in the past four months, surging from R18.21 billion ($945.83 million) to R22.95 billion ($1.2 billion) at the time of writing this report.
