Since the start of 2024, South African businessman Johan Burger, a key player in the country’s financial sector, has seen a substantial drop of millions of dollars in his investment in FirstRand, Africa’s most valuable financial services group.
According to data tracked by Billionaires.Africa, the market value of Burger’s stake in FirstRand has declined by R36.06 million ($1.90 million) since the start of the new year as investors on the local bourse continue to reduce their stakes in the Johannesburg-based leading lender.
FirstRand’s market cap dips below $20 billion in 2024
FirstRand, with its integrated financial services portfolio comprising FNB, RMB, WesBank, and Aldermore, dominates the African financial services sector in terms of market capitalization. It maintains active operations in South Africa, the UK, and regional markets in Africa.
Burger, a seasoned director at FirstRand since 2009, owns a minority 0.11-percent ownership stake, equivalent to 6,000,000 ordinary shares, in the leading financial services conglomerate.
Since the start of the year, FirstRand shares have decreased from R73.51 ($3.864) on Jan. 1 to R67.50 ($3.547) at the time of writing this report. This translates to a substantial 8.18-percent loss for the shareholders, thus pushing the group’s market capitalization below $20 billion.
Burger’s stake in FirstRand slumps by $1.9 million in just 20 days amid share decline
As a result of the recent slump, the market value of Burger’s stake in the leading financial services provider has declined from R441.06 million ($23.18 million) on Jan. 1 to R405 million ($21.29 million) at the time of reporting.
This translates to a financial loss of R36.06 million ($1.9 million) for the South African businessman. Despite the recent slump in the market value of his stake, Burger remains one of South Africa’s most affluent and influential executives within the financial services industry.
