South African tycoon Laurie Dippenaar has seen a significant increase in the market value of his stake in FirstRand, a leading financial services group, driven by the sustained surge in the group’s shares on the Johannesburg Stock Exchange.
Dippenaar, a top figure in South Africa’s business scene, has witnessed a surge of R290.26 million ($15.52million) in his stake in the Johannesburg-based financial services provider over the past 18 days — cementing his position as one of South Africa’s richest businessmen.
FirstRand shares surge by single-digit, propelling market cap above $20 billion
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, 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.
Over the past 17 days, FirstRand shares on the local bourse have increased by 4.52 percent, from R65.00 ($3.475) to R67.94 ($3.632), propelling the group’s market capitalization above $20 billion and returning tremendous value to its shareholders.
Laurie Dippenaar’s FirstRand stake surges above $350 million
According to data tracked by Billionaires.Africa, the market value of Dippenaar’s stake in the financial services group has surged from R6.42 billion ($343.02 million) on Nov. 17 to R6.71 billion ($358.54 million) — marking a substantial increase of R290.26 million ($15.52 million).
The $15.52-million bump in the market value of Dippenaar’s stake in FirstRand further cements his position as one of South Africa’s richest businessmen and as one of the top investors on the Johannesburg Stock Exchange.