South African billionaire and Capitec Bank co-founder Michiel Le Roux has witnessed a substantial decline in the market value of his stake in the leading retail bank. This comes as investors on the Johannesburg Stock Exchange reduce their stake in the bank.
Le Roux’s 11.39-percent stake in Capitec Bank has experienced a notable decline, amounting to R1.05 billion ($55 million), in just four days spurred by a single-digit decline in Capitec Bank’s shares on the Johannesburg Stock Exchange.
The recent decline in his stake comes on the heels of a gain of $245 million between June 2 and Oct. 3, when the market value of his stake in Capitec Bank surged from R18.21 billion ($945.83 million) to R22.95 billion ($1.2 billion) at the time of this report.
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.
In recent times, Capitec Bank’s shares on the Johannesburg Stock Exchange have declined by 4.32 percent falling from R1,836.00 ($96.595) on October 10 to R1,756.74 ($92.425) at the time of drafting this report.
As a result of this single-digit decline in Capitec Bank’s shares, Le Roux’s stake in the retail bank has declined by R1.05 billion ($55 million), falling from R24.22 billion ($1.27 billion) to R23.17 billion ($1.23 billion) at the time of drafting this report.