South African banking executive Gerrie Fourie has seen a notable decline in his wealth due to a recent drop in the market value of his stake in Capitec Bank, a leading retail bank publicly listed on the Johannesburg Stock Exchange (JSE).
According to data tracked by Billionaires.Africa, Fourie’s stake in Capitec Bank has slumped by R226.39 million ($11.85 million) over the past 14 days. This comes after he recorded a $5.5 million gain between Mar. 19 and Apr. 5.
Capitec Bank’s shares plunge by 9.92 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 plunged by 9.92 percent, falling from R2,220.29 ($116.190) on Apr. 8 to R2,000.00 ($104.663) at the time of drafting this report. Thus pushing its market cap below $13 billion and leading to substantial losses for shareholders.
Gerrie Fourie’s stake in Capitec Bank slumps below $110 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 drop in Capitec Bank’s stock has caused the market value of Fourie’s stake in the leading lender to decline by R226.39 million ($11.85 million), falling from R2.28 billion ($119.39 million) on Apr. 8 to R2.06 billion ($107.55 million) at the time of drafting this report.
