South African banker and business executive Gerrie Fourie has witnessed a remarkable surge in the market value of his stake in Capitec Bank in recent times, thanks to the sustained increase in the share price of the bank on the Johannesburg Stock Exchange (JSE).
Over the past three weeks, the market value of Fourie’s stake in Capitec Bank has soared by an impressive R308.52 million ($16.78 million), reflecting the substantial performance of the leading financial group’s shares on the local bourse.
Capitec Bank’s achieves milestone, market Cap hits $12 billion
Capitec Bank, established 20 years ago by South African billionaire Michiel Le Roux, along with distinguished businessmen Jannie Mouton and Riaan Stassen, has risen to prominence as a leading retail bank, offering an array of services, including transactional banking and a range of loan products such as term loans, credit facilities, and credit cards.
The shares of the retail bank on the Johannesburg Stock Exchange have surged by 18.31 percent over the past three weeks, from R1639.79 ($89.182) on Oct. 27 to R1940 ($105.509). This surge has propelled the group’s market capitalization above the $12-billion mark.
Gerrie Fourie’s stake in Capitec Bank surpasses $100 million
Fourie, the retail bank’s CEO, owns a 0.89-percent stake in the bank, or 1,027,673 ordinary shares. The stake not only positions him as one of the most affluent bankers in the nation, but also places him in the upper ranks of the country’s wealthiest investors.
According to data tracked by Billonaires.Africa, the recent surge in the group’s share price has caused the market value of Fourie’s stake in Capitec Bank to increase by R308.52 million ($16.78 million), from R1.68 billion ($91.65 million) on Oct. 27 to R1.99 billion ($108.43 million) at the time of drafting this report.