South African tycoon Michel Le Roux has soared to new heights as his stake in Capitec Bank smashes through the $1.5 million mark, driven by the relentless climb of the retail bank’s shares on the Johannesburg Stock Exchange (JSE).
Le Roux, a key player in South Africa’s business scene, saw a notable increase of R1.56 billion ($83.86 million) in his shares in Capitec Bank over the last 27 days. This pushed his stake in the lender past the $1.5 billion milestone, cementing his position as one of Africa’s richest tycoons.
Capitec Bank’s shares surge by 5.9 percent, pushing market cap above $13 billion
Capitec Bank, co-founded by Le Roux alongside Jannie Mouton and Riaan Stassen, has solidified its standing over the past two decades, amassing a substantial customer base. With a network of more than 850 branches and 7,400 ATMs across South Africa, the bank has earned a reputation as one of the world’s leading retail banking brands.
Since its inception, Le Roux has played a pivotal role in shaping the landscape of the financial services industry throughout Africa. Presently, he holds an 11.39-percent stake in Capitec Bank equivalent to 13,190,043 shares, positioning him as one of South Africa’s leading investors.
Recently, Capitec Bank shares on the local market rose by 5.9%, jumping from R1,997.56 ($107.616) on Feb. 15 to R2,115.57 ($113.974). This surge pushed the group’s market cap above $13 billion, solidifying its position as one of Africa’s top financial services groups.
The recent surge in the lender’s share price comes on the heels of its recent acquisition of a majority stake in Cyprus-based digital non-bank consumer lender, Avafin Holding for R500 million ($26.76 million).
Michel Le Roux’s investment in Capitec Bank surges by $83.8 million in 27 days
Thanks to the recent increase in Capitec Bank shares, Le Roux’s stake in the financial services group jumped from R26.35 billion ($1.42 billion) on Feb. 15 to R27.90 billion ($1.51 billion), a notable increase of R1.56 billion ($83.86 million).
This boost solidifies his position among South Africa’s billionaires and cements his status as a top investor on the Johannesburg Stock Exchange, further affirming his standing in the continent’s financial elite.