South African banker Laurie Dippenaar has seen a significant decrease in the market value of his stake in FirstRand – attributed to the continuous decline in the shares of the leading financial services group on the Johannesburg Stock Exchange (JSE).
According to data tracked by Billionaires.Africa – Dippenaar’s stake in FirstRand has plunged by R487.7 million ($25.65 million) over the past 17 days – as investors on the local bourse continue to reduce their stakes in the Johannesburg-based group.
This recent setback closely follows the $28-million loss that Dippenaar suffered between Jan. 1 and 25, when the market value of his stake in FirstRand dropped from R7.26 billion ($384.85 million) to R6.72 billion ($356.21 million).
FirstRand shares plunge 7.16 percent, pushing market cap below $20 billion
FirstRand is Africa’s largest financial services group in terms of market capitalization. Its integrated financial services portfolio comprises FNB, RMB, WesBank, and Aldermore, as it maintains active operations in South Africa, the UK, and regional markets in Africa.
In recent times, the share price of FirstRand has dipped by 7.16 percent, falling from R68.95 ($3.626) on Jan. 26 to R64.01 ($3.366) at the time of drafting this report. This downturn has driven its market capitalization below $20 billion, resulting in significant losses for shareholders, including Dippenaar.
Dippenaar’s FirstRand investment slumps below $340 million
Dippenaar, who co-founded Rand Consolidated Investing with partners GT Ferreira and Paul Harris in 1977 and grew it into a leading financial services group, holds a 1.76-percent stake in FirstRand, or 98,726,988 shares.
With the sustained decline in FirstRand shares – the market value of Laurie Dippenaar’s stake in the lending lender has declined by R487.71 million ($25.65 million) – from R6.81 billion ($357.96 million) on Jan. 26 to R6.32 billion ($332.32 million) at the time of drafting this report.
Despite this financial setback, Dippenaar maintains his position as one of South Africa’s leading investors and one of the most affluent business executives on the African continent.
