South African banker Laurie Dippenaar gains $37 million from FirstRand shares

Yusuf Abdulfatai -

South African banker Laurie Dippenaar has witnessed a remarkable surge in his fortunes over the past 16 days, propelled by the performance of his stake in FirstRand, a leading financial services group on the Johannesburg Stock Exchange.

According to data tracked by Billionaires.Africa, Dippenaar’s stake in the Johannesburg-based financial services provider, FirstRand, has surged by R684.18 million ($37.55 million) in the past 16 days, cementing his position as one of South Africa’s richest businessmen.

These recent gains come on the heels of a $24-million hit Dippenaar took in October, when the market value of his stake in FirstRand fell from R6.43 billion ($341.37 million) on October 10 to R5.97 billion ($316.91 million) on Oct. 30 marking a challenging month for his investments.

Laurie Dippenaar’s FirstRand journey and resilience of a $20 billion financial giant

Dippenaar’s journey to financial success began in 1977 when he co-founded Rand Consolidated Investing alongside partners GT Ferreira and Paul Harris. The company went through a series of mergers and acquisitions, eventually leading to the formation of FirstRand in the 1990s.

Since its inception, FirstRand has played a key role in the financial services industry across Africa, and today it ranks as Africa’s most valuable financial services provider. Presently, Dippenaar holds a 1.76-percent stake in FirstRand, equivalent to 98,726,988 shares. However, the recent turbulence in the stock market has taken its toll on the value of his holdings.

FirstRand’s 16-day rally boosts Laurie Dippenaar’s stake by $37.55 million

Over the past 16 days, FirstRand shares on the local bourse have experienced a notable increase of 11.45 percent, climbing from R60.50 ($3.326) to R67.43 ($3.707), resulting in the group’s market capitalization surpassing $20 billion.

Consequently, the market value of Dippenaar’s stake in the leading financial services provider has risen by R684.18 million ($37.55 million), from R5.97 billion ($327.80 million) to R6.66 billion ($365.34 million) at the time of reporting.