South African real estate mogul Stephen Brookes, the founder of Balwin Properties, faced substantial financial setbacks in the past two weeks. His stake in the Johannesburg-based property developer declined by over $1.4 million as investors booked profits from their holdings.
According to the data tracked by Billionaires.Africa, Brookes’ stake in Balwin Properties has declined by R27.26 million ($1.44 million) over the past fourteen (14) days, due to the recent pullback in the share price of Balwin Properties on the Johannesburg Stock Exchange (JSE).
Balwin shares slump 6.67 percent, inflicting shareholders with losses
Balwin Properties, known for its large-scale estates catering to South Africa’s low-to-middle-income population, prides itself on providing affordable and environmentally efficient apartments with innovative lifestyle offerings for residents.
Brookes, a South African real estate mogul who founded Balwin Properties in 1996, is the company’s largest shareholder, holding 170,374,031 shares, or a 36.08-percent stake.
Brookes’s Balwin stake slumps below $21 million as share price takes a hit
In the past two weeks, Balwin Properties’ shares on the JSE dropped by 6.67 percent, falling from R2.40 ($0.127) on January 31 to R2.24 ($0.118) today. This decline pushed the market capitalization below $62 million, resulting in losses for shareholders like Brookes.
Due to a recent drop in the company’s shares over the past two weeks, Brookes’ stake in Balwin Properties has seen a decline in market value. It has fallen from R408.90 million ($21.57 million) on Jan. 31 to R381.64 million ($20.13 million) at the time of writing, representing a decrease of R27.26 million ($1.44 million).
Despite this recent setback, Brookes maintains his status as one of the wealthiest investors on the JSE. His pivotal role in steering the company’s growth from a startup to a thriving listed entity underscores his influential presence in the market.
