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South African businessman Jannie Mouton, the founder of PSG Group investment holding company, has witnessed a remarkable increase in his wealth over the past week, attributed to the soaring value of his stake in Capitec Bank, a leading South African retail bank.
According to recent market data, the market value of Mouton’s stake in Capitec Bank has surged by R631.75 million ($33.82 million) in the past eight days, attributed to the sustained upswing in the market value of the leading retail bank on the Johannesburg Stock Exchange.
Capitec Bank’s shares rise after strategic move into digital lending with Avafin acquisition
Capitec Bank is a leading financial institution in South Africa, boasting one of the largest customer bases in the country. With 856 branches and 7,436 ATMs, it has established itself as a trusted retail banking brand over the past two decades.
In the past week, Capitec Bank’s shares on the Johannesburg Stock Exchange have increased by 5.19 percent, climbing from R2,016.44 ($107.944) on March 5 to R2,121.13 ($113.548), delivering significant gains to its shareholders.
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).
Mouton’s Capitec stake surges by $33.8 million as shares soar by 5 percent
Mouton is renowned for co-founding Capitec Bank with Michiel Le Roux, and Riaan Stassen. He presently owns a 5.11-percent stake in the leading retail bank, equivalent to 6,034,518 shares, through his Jf Mouton Familietrust.
As a result of the recent uptick in the group’s share price, the market value of Mouton’s stake in Capitec Bank has risen by R631.75 million ($33.82 million), escalating from R12.17 billion ($651.39 million) on March 5 to R12.80 billion ($685.21 million) at the time of writing.
This significant rise in Mouton’s stake not only reinforces his standing as one of the most affluent investors on the Johannesburg Stock Exchange but also solidifies his position among the wealthiest individuals in South Africa.
