South African businessman Tshepo Mahloele’s stake in Capitec Bank has experienced a notable downturn, reflecting the recent slump in the shares of the leading retail bank on the Johannesburg Stock Exchange (JSE).
Mahloele, who witnessed a remarkable surge in his wealth over the past month, has seen a decline of R481.63 million ($25.19 million) in the market value of his Capitec Bank stake over the past eight days.
This decline follows a $48.46 million gain recorded between Feb. 2 and Feb. 22, during which the market value of his Capitec Bank stake surged from R16.72 billion ($872.75 million) to R17.64 billion ($921.21 million).
Capitec Bank shareholders, including Mahloele, bear brunt of recent stock dip
Founded in 1999 by Michiel Le Roux, alongside Jannie Mouton and Riaan Stassen, Capitec Bank has solidified its position over two decades, amassing a substantial customer base. With over 850 branches and 7,400 ATMs across South Africa, the bank has gained international recognition as a premier retail banking brand.
Since Feb. 22, Capitec Bank’s share price on the JSE has declined by 2.73 percent, dropping from R2,098 ($109.743) to R2,040.73 ($106.75), resulting in significant losses for its shareholders, including Mahloele, who holds a significant stake in the bank.
Capitec Bank’s recent downturn impacts Tshepo Mahloele’s stake
Tshepo Mahloele, chairman and founder of Lebashe Investment Holding Group, a 100-percent Black-owned investment holding firm, holds a 7.26-percent indirect stake in Capitec Bank, equivalent to 8,409,802 ordinary shares through Lebashe.
The recent downturn in Capitec Bank shares has reduced Mahloele’s stake in the bank from R17.64 billion ($922.92 million) on Feb. 22 to R17.16 billion ($897.73 million) at the time of this report.
Despite the recent decline, Mahloele remains one of South Africa’s wealthiest individuals, maintaining a significant presence as a top investor on the JSE. His resilience amidst market fluctuations highlights his enduring influence in the country’s financial sphere.
