South African tycoon Laurie Dippenaar loses $17.2 million in FirstRand shares

Feyisayo Ajayi -

After facing several financial setbacks this year, South African business mogul Laurie Dippenaar has seen a notable drop in the value of his stake in FirstRand. This comes as shares of the top financial services group take a downturn on the Johannesburg Stock Exchange (JSE).

According to data tracked by Billionaires.Africa, Dippenaar’s stake in FirstRand has dropped by R325.80 million ($17.24 million) in the last 11 days. This decline is driven by the continuous drop in the company’s stock price, adding to his recent investment challenges.

This latest decline continues a downward trend, with Dippenaar’s stake decreasing by $13.04 million from Feb. 22 to Mar. 11. During this period, the market value declined from R6.60 billion ($352.97 million) to R6.36 billion ($339.93 million).

FirstRand’s shares drop over five percent, impacting market capitalization

FirstRand is Africa’s largest financial services group in terms of market capitalization. Its integrated financial services portfolio comprises FNB, RMB, WesBank, and Aldermore, as it maintains active operations in South Africa, the UK, and regional markets in Africa.

Since March 14, FirstRand shares have declined by 5.08 percent, dropping from R65($3.439) to R61.7 ($3.265) at the time of writing. This drop dragged the market cap below $18.5 billion, causing losses for shareholders in the top lender.

Market volatility hits Laurie Dippenaar’s FirstRand stake, dips by $17.2 million

Laurie Dippenaar, co-founder of Rand Consolidated Investments alongside GT Ferreira and Paul Harris in 1977, which he steered into a leading financial services group, holds a 1.76 percent stake in FirstRand, representing 98,726,988 shares.

Amid a sustained decline in FirstRand’s share price, the market value of Dippenaar’s stake has fallen by R325.8 million ($17.24 million). On March 14, his holding was valued at R6.42 billion ($339.55 million). As of this report, it stands at R6.09 billion ($322.31 million).

Despite the notable decline in his stake’s value, the distinguished South African businessman remains a top investor on the JSE and one of the most affluent business leaders on the African continent.