South African businessman and leading investment banker, Tshepo Mahloele, founding CEO of Harith General Partners, has seen his indirect stake in Capitec Bank retreat by over $77 million in just two weeks, following a recent surge that took the holding past the $1 billion mark.
According to data tracked by Billionaires.Africa, Mahloele’s Capitec Bank stake has slumped by 1.48-billion rand ($77.03 million) since April 9. This decline mirrors the recent downturn in Capitec’s share price on the Johannesburg Stock Exchange.
The slide comes after Mahloele’s holding enjoyed a significant gain of $52.07 million between March 28 and April 9. During this period, his stake surpassed the $1-billion mark, rising from 17.63 billion rand ($955.47 million) on March 28.
Capitec Bank’s shares dip by 7.99 percent
Capitec Bank, founded in 1999, and co-founded by Le Roux alongside Jannie Mouton and Riaan Stassen, has solidified its standing over the past two decades, amassing a substantial customer base. With a network of more than 850 branches and 7,400 ATMs across South Africa, the bank has earned a reputation as one of the world’s top retail banking brands.
Over the past 13 days, Capitec Bank shares on the Johannesburg Stock Exchange have declined by 7.99 percent, falling from R2,200 ($114.691) on April 9 to R2,024.29 ($105.517) at the time of writing, thus pushing its market cap below $13 billion and leading to substantial financial losses for shareholders, including Tshepo Mahloele who owns a significant stake in the group.
Mahloele’s stake in Capitec Bank slumps below $900 million
Mahloele, the founder and chairman of Lebashe Investment Holding Group, holds an indirect 7.26 percent stake in Capitec Bank, translating to 8,409,802 ordinary shares.
Due to the recent share price decline, the market value of Mahloele’s stake has fallen by R1.48 billion ($77.03 million) over the past 13 days. His stake is currently valued at R17.02 billion ($887.40 million), down from R18.50 billion ($964.42 million) on April 9.
Despite this short-term setback, Mahloele remains among South Africa’s elite billionaire bankers. His influence extends beyond the Johannesburg Stock Exchange, as he is also one of the founders of the $630 million Pan African Infrastructure Development Fund (PAIDF).
