South African billionaire businessman Jannie Mouton, renowned for founding South African investment holding firm PSG Group, has suffered a substantial decline in the market value of his stake in Capitec Bank amid sustained selling pressures on the Johannesburg Stock Exchange.
According to data tracked by Billionaires.Africa, the market value of Mouton’s stake in Capitec Bank has decreased by R839.52 million ($43.85 million) in the past two weeks, driven by the double-digit percent decline in the shares of the financial services provider.
Between Sept. 27 and Oct. 3, Mouton’s stake in Capitec Bank had shown remarkable growth, rising from R9.93 billion ($514.49 million) to R10.45 billion ($541.63 million), a remarkable gain of $27.14 million in just six days. However, recent market fluctuations and a sharp drop in Capitec Bank’s shares have caused his stake to take a downward turn.
Mouton is renowned for co-founding Capitec Bank with Michiel Le Roux, and Riaan Stassen. He presently owns a 5.11-percent stake in Capitec Bank, or 6,034,518 shares, through JF Mouton Familietrust. He is also the founder of PSG Group.
Capitec Bank is a leading financial institution in South Africa, boasting one of the largest customer bases in the country. With 856 branches and 7,436 ATMs, it has established itself as a trusted retail banking brand over the past two decades.
In recent times, Capitec Bank shares on the Johannesburg Stock Exchange have seen a decline of 7.58 percent, falling from R1,836 ($95.91) on Oct. 10 to R1,696.9 ($88.64) at the time of drafting this report, thus leading to losses amounting to millions of dollars for its shareholders, including Mouton.
Consequently, Mouton’s stake in the bank slumped from R11.08 billion ($578.74 million) on Oct. 10 to R10.24 billion ($534.88 million) in just 15 days, resulting in a loss of R839.52 million ($43.85 million) for the prominent South African businessman.
