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South African mogul Michiel Le Roux has recorded another multimillion-dollar decline in the market value of his stake in Capitec Bank, driven by the sustained decline in the share price of the leading retail bank on the Johannesburg Stock Exchange (JSE).
According to stock market data from the JSE, the market value of Le Roux’s stake in Capitec Bank has declined by R1.64 billion ($85 million) over the past six days as investors continue to trim down their holdings in the leading South African lender.
The recent decline in his shares in Capitec adds to the R1.21 billion ($64.46 million) loss he recorded between Jan. 23 and Jan. 31 — when the market value of his stake in Capitec Bank dropped from R27.52 billion ($1.47 billion) to R26.32 billion ($1.4 billion).
Capitec Bank shares decline 5.9 percent: Market cap drops below $15 billion
Capitec Bank, co-founded in 1999 by Le Roux, Jannie Mouton, and Riaan Stassen, has solidified its standing over the past two decades, amassing a substantial customer base. With more than 850 branches and 7,400 ATMs across South Africa, the bank has earned a reputation as one of the world’s top retail banking brands.
Recent market fluctuations have seen the share price of Capitec Bank decline by 5.91 percent, sliding from R2,098.00 ($109) on Feb. 22 to R1,974 ($102.5) at the time of drafting this report, thus pushing the retail bank’s market capitalization below $15 billion.
Michiel Le Roux’s Capitec Bank stake slumps below $1.4 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.
According to data tracked by Billionaires.Africa, the market value of Le Roux’s stake in Capitec Bank has decreased from R27.67 billion ($1.44 billion) on Feb. 22 to R26 billion ($1.35 billion) at the time of writing — reflecting a loss of R1.64 billion ($85 million).
Despite these financial setbacks, Le Roux maintains his status as one of South Africa’s billionaires, securing his position among the financial elite and top investors on the Johannesburg Stock Exchange.
