South African tycoon Josua Maherbe has seen his lucrative stake in Remgro Limited, a company linked to fellow South African mogul Johann Rupert, plummet below the $10-million mark, signaling a significant financial setback for the business executive who ranks as one of South Africa’s most affluent individuals.
According to data tracked by Billionaires.Africa, Malherbe’s stake in Remgro Limited has declined by R18.88 million ($1.033 million) in the past 99 days, thus pushing the market value of his stake in the Stellenbosch-based investment holding company below the $10-million mark
This downturn comes on the heels of a brief upswing that saw Malherbe’s stake in Remgro surge by $2 million between June 30 and July 24, from R153.89 million ($8.68 million) to (R185.70 million) ($10.47 million), when he gained.
Remgro Limited, founded by the South African Rupert family in the 1940s, boasts diverse interests in various sectors such as banking, financial services, packaging, glass products, medical services, mining, petroleum, beverage, food, and personal care products.
Malherbe’s role as a non-executive deputy chairman of Remgro has positioned him as one of the company’s top individual shareholders, boasting a total equity stake of 1,178,995 ordinary shares.
Since July 28, Remgro shares have slumped from R161.42 ($8.837) to R145.41 ($7.961) at the time of writing, resulting in a significant 9.92-percent loss for shareholders. The recent drop in the company’s shares is part of a broader trend on the Johannesburg Stock Exchange.
As a result of the price decline, the market value of Malherbe’s stake in Remgro has declined by R18.88 million ($1.033 million), falling from R190.31 million ($10.42 million) on July 24 to R171.44 million ($9.39 million) at the time of drafting this report.
