South African business mogul Tshepo Mahloele has made a stunning financial recovery, with his stake in Capitec Bank surging by $104.2 million over the past 16 days, signalling a remarkable turnaround after suffering substantial losses in the previous month.
Mahloele’s stake in Capitec Bank witnessed a swift revival as the market value of his holdings surged by R1.93 billion ($104.18 million) thanks to a recent surge in the bank’s shares on the Johannesburg Stock Exchange (JSE).
This multimillion-dollar surge in his Capitec Bank shares cements his status as one of South Africa’s most affluent individuals and a prominent figure in the JSE investment community.
Impressive recovery after substantial losses in October
Between Oct. 10 and 23, Mahloele suffered a significant $79-million decline in his stake in the retail bank. During this period, the market value of his shares slumped from R15.44 billion ($808.98 million) to R13.93 billion ($729.99 million).
Capitec Bank, established in 1999 and co-founded by Michiel Le Roux alongside Jannie Mouton and Riaan Stassen, has strengthened its standing over the past two decades. The retail bank has gathered a substantial customer base and built a reputation as one of the world’s premier retail banking brands.
Mahloele, who serves as the chairman and founder of Lebashe Investment Holding, holds an indirect 7.26-percent stake, equivalent to 8,409,802 ordinary shares in Capitec Bank.
Tshepo Mahloele’s Capitec Bank stake soars, valued at over $860 million
In the last 16 days, Capitec Bank’s shares on the JSE have experienced a remarkable increase of 13.61 percent, climbing from R1,686.20 ($91.055) on Oct. 23 to R1,915.61 ($103.444) at the time of writing this report.
As a result of this upswing, Mahloele’s stake in Capitec Bank has increased by R1.93 billion ($104.18 million) since Oct. 23, boosting his holdings from R14.18 billion ($765.76 million) to R16.11 billion ($869.94 million) at the time of writing this report.
The significant recovery in Mahloele’s Capitec Bank holdings serves as a testament to the dynamic nature of financial markets and highlights the resilience of South Africa’s business leaders in navigating economic challenges.
