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South African businessman Johan Burger – a prominent figure in the country’s financial sector – has weathered a substantial downturn exceeding the million-dollar mark in his stake within FirstRand, Africa’s most valuable financial services group.
Data from the Johannesburg Stock Exchange reveals a R26.1-million ($1.37-million) drop in the market value of Burger’s FirstRand stake in the last 24 days. This decline is attributed to local investors trimming their holdings in the prominent Johannesburg-based lender.
FirstRand shares drop 6.3 percent, market cap falls below $20 million
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.
Since Jan. 26, FirstRand’s shares have slumped by 6.31 percent, sliding from R68.95 ($3.633) to R64.60 ($3.404). This recent downturn has pushed the company’s market capitalization below $20 billion, relegating it to the ninth spot among the most valuable entities on the JSE.
FirstRand shares slump: Burger’s stake dips by $1.37 million
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.
According to Billionaires.Africa the recent slump in FirstRand shares has caused the market value of Burger’s stake to decline by R26.10 million ($1.37 million) over the past 24 days – falling from R413.70 million ($21.80 million) on Jan. 26 to R387.60 million ($20.42 million).
Despite the recent decline in the market value of his stake, Burger remains one of South Africa’s most affluent and influential executives within the financial industry.
