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South African businessman Andre Du Plessis has suffered a substantial decrease in the market value of his stake in Capitec Bank as investors reduce their stakes in the Stellenbosch-based financial services provider.
According to the data tracked by Billionaires.Africa, Du Plessis, who ranks among the wealthiest investors on the Johannesburg Stock Exchange, has seen the market value of his stake in Capitec Bank slump by R175.17 million ($9.14 million) in the past 16 days.
The recent decline in his stake comes on the heels of a gain of $11 million between July 11 and Oct. 7 when the market value of his stake in Capitec Bank surged from R1.39 billion ($71.77 million) to R1.60 billion ($82.84 million) at the time of this report.
Capitec Bank, known for its extensive client base, has emerged as one of South Africa’s top lenders since its establishment two decades ago. The bank has earned a reputation as one of the world’s most respected banking brands, providing valuable transactional banking services and offering lending products such as term loans, credit facilities, and credit cards.
Du Plessis, a prominent South African businessman and co-founder of the bank in 2001 alongside South Africa billionaire Michiel Le Roux, as well as businessmen Jannie Mouton and Riaan Stassen, owns a beneficial 0.78-percent stake in the renowned financial services provider.
His stake in Capitec Bank, which amounts to a total of 901,106 shares, is presently valued at more than $75 million, positioning him as one of the most affluent investors on the Johannesburg Stock Exchange.
In recent times, Capitec Bank’s shares on the Johannesburg Stock Exchange have declined by 10.59 percent, falling from R1,836.00 ($95.851) on October 10 to R1,641.60 ($86.002) at the time of drafting this report. This drop has pushed the bank’s market capitalization below the $10-billion mark, resulting in losses for the retail bank shareholders, including Adre Du Plessis.
As a consequence of the double-digit decline in Capitec Bank’s shares, Du Plessis’s stake in the retail bank has declined by R175.17 million ($9.14 million), declining from R1.65 billion ($86.37 million) to R148 billion ($77.23 million) at the time of drafting this report.
