South African mogul Michel Le Roux has recorded a significant decline in the market value of his stake in Capitec Bank. This decline is linked to a downturn in the share price of the leading retail bank on the Johannesburg Stock Exchange.
According to data tracked by Billionaires.Africa, Le Roux, a prominent figure in South Africa’s business landscape, saw the market value of his stake in the leading retail bank decrease by R1.21 billion ($64.46 million) over the past eight days.
Capitec Bank’s shares drop by 4.39 percent, market cap falls below $12.5 billion
Capitec Bank, co-founded by Le Roux alongside Jannie Mouton and Riaan Stassen, has solidified its standing over the past two decades, amassing a substantial customer base. With a network of more than 850 branches and 7,400 ATMs across South Africa, the bank has earned a reputation as one of the world’s leading retail banking brands.
In recent times, Capitec Bank shares on the local bourse have decreased by 4.39 percent, from R2,086.62 ($111.397) on Jan. 23 to R1,995.08 ($106.510), causing its market capitalization to dip below $12.5 billion — resulting in substantial losses for Le Roux and other shareholders.
Le Roux’s stake in Capitec Bank dips further below $1.5 billion
Le Roux presently owns an 11.39-percent stake in Capitec Bank. This stake — which translates to a total of 13,190,043 ordinary shares in the leading retail banking group — makes him one of the richest men on the continent.
Due to a single-digit drop in Capitec Bank shares, Le Roux’s stake in the lender decreased from R27.52 billion ($1.47 billion) on Jan. 23 to R26.32 billion ($1.4 billion), resulting in a significant loss of R1.21 billion ($64.46 million) over 8 days.
Despite this decline, Le Roux remains one of South Africa’s billionaires, maintaining his position among the continent’s financial elite and top investors on the Johannesburg Stock Exchange.