South African tycoon Gerrie Fourie gains $5.5 million from his shares in Capitec Bank

South African banking executive Gerrie Fourie has witnessed a substantial uptick in the market value of his stake in Capitec Bank, driven by the recent increase in the lender’s shares on the Johannesburg Stock Exchange (JSE).

According to data tracked by Billionaires.Africa, Fourie’s stake in Capitec Bank has soared by R102.08 million ($5.48 million) over the past 17 days. This uptrend adds to his previous gains, with his stake increasing by $8.6 million between Jan. 4 and Mar. 9.

Capitec Bank shares surge by nearly five percent

Capitec Bank, established 20 years ago by South African billionaire Michiel Le Roux, along with distinguished businessmen Jannie Mouton and Riaan Stassen, has risen to prominence as a leading retail bank, offering an array of services, including transactional banking and a range of loan products such as term loans, credit facilities, and credit cards.

In recent times, its share price on the JSE has risen by 4.84 percent, from R2,054.10 ($110.433) on Mar. 19 to R2,153.43 ($115.725) at the time of drafting this report, thus pushing its market capitalization above $13 billion and returning substantial gains to shareholders.

Gerrie Fourie’s investment in Capitec nears $120 million

As Capitec Bank’s CEO, Gerrie Fourie holds a 0.89-percent stake in the leading retail bank, equivalent to 1,027,673 ordinary shares. This makes him one of the nation’s most prosperous bankers and positions him among the top investors in the country.

The recent increase in Capitec Bank’s share price has elevated the market value of Fourie’s stake by R102.08 million ($5.48 million) from R2.11 billion ($113.35 million) on Mar. 19 to R2.21 billion ($118.83 million) at the time of drafting this report.

This increase solidifies Fourie’s position as one of South Africa’s wealthiest executives and cements his position among the affluent investors on the Johannesburg Stock Exchange.