South African mogul Michiel Le Roux has witnessed a $60-million surge in his investment in Capitec Bank in just 24 hours. This boost is linked to a notable rise in the bank’s share price on the Johannesburg Stock Exchange (JSE).Â
According to data tracked by Billionaires.Africa, Le Roux, a major figure in South Africa’s financial services sector, has seen his stake in Capitec Bank soar by R1.12 billion ($60 million) due to the surge in share prices on the JSE.
Capitec Bank’s shares surge by 4.03 percent
Capitec Bank, co-founded by Le Roux alongside Jannie Mouton and Riaan Stassen, has solidified its position as a leading South African retail bank over the past two decades, amassing a substantial customer base with a network exceeding 850 branches and 7,400 ATMs.
Le Roux, who played a pivotal role in shaping the African financial services landscape, retains an 11.39-percent stake in Capitec Bank, representing 13,190,043 shares, and remains a prominent South African investor.
Capitec Bank’s share price jumped 4.03 percent within 24 hours, rising from R2,099.78 to R2,184.47 as of April 4. This increase propelled the group’s market capitalization beyond $13 billion, solidifying its position as a leading African financial services player and generating significant returns for shareholders like Le Roux.
The recent share price surge follows Capitec’s acquisition of a majority stake in Cyprus-based digital non-bank consumer lender, Avafin Holding, for R500 million ($26.76 million).
Le Roux’s wealth skyrockets by $60 million
Thanks to a recent uptick in Capitec Bank shares, Le Roux’s stake in the financial services group has grown from R27.7 billion ($1.48 billion) on April 3 to R28.81 billion ($1.54 billion) within 24 hours — an impressive increase of R1.12 billion ($60 million).
This surge not only cements Le Roux’s status among South Africa’s billionaires but also strengthens his reputation as a key investor on the Johannesburg Stock Exchange, highlighting his prominence within Africa’s financial circles.
