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South African real estate tycoon Stephen Brookes, the founder of Balwin Properties, has experienced a significant decrease in the market value of his stake in the Johannesburg-based property developer Balwin Properties.
According to the data tracked by Billionaires.Africa, Brookes’ stake in Balwin Properties has declined by R34.07 million ($1.8 million) in just six days, compounding the significant losses he recorded earlier due to the recent decline in the share price of Balwin Properties on the Johannesburg Stock Exchange.
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.
In recent times, the company’s shares on the Johannesburg Stock Exchange has slumped from R2.40 ($0.128) on Oct. 25 to R2.20 ($0.117) at the time of drafting this report, representing an 8.33-percent loss for shareholders.
As a result of the decline in the company’s shares over the past week, the market value of Brookes’ stake in Balwin Properties has decreased by R34.07 million ($1.8 million) from R408.89 million ($21.76 million) on Oct. 25, to R374.82 million ($19.94 million).
This significant downturn in Brookes’ stake underscores the challenges faced by Balwin Properties and its largest shareholder amid the market turbulence.
Shareholders and industry analysts are closely monitoring the situation as they assess the potential impact on the future trajectory of the company and the broader real estate market in South Africa.
