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South African businessman Johan Burger has experienced a significant resurgence in the market value of his stake in FirstRand, Africa’s largest financial services group, as the company’s shares surged by more than 11 percent on the Johannesburg Stock Exchange (JSE).
According to data tracked by Billionaires.Africa, the market value of Burger’s stake in FirstRand has increased by R 39.72 million ($2.14 million) within 15 days. This is credited to the recent increase in FirstRand’s shares on the JSE.
FirstRand’s share price rises 11.2 percent
FirstRand, with its integrated financial services portfolio comprising FNB, RMB, WesBank, and Aldermore, dominates the African financial services sector in terms of market capitalization. The conglomerate operates actively in South Africa, the UK, and various regional markets within Sub-Saharan Africa.
Its shares on the JSE have surged by 11.2 percent from R59.13 ($3.185) on April 17 to R65.75 ($3.542), propelling its market capitalization above $19 billion at the time of drafting this report. This surge has resulted in significant gains for shareholders, including Johan Burger.
Burger’s stake surges above $20 million
Johan Burger, a former CEO and non-executive director at FirstRand, owns a minority 0.11-percent stake, equivalent to 6,000,000 ordinary shares, in the leading financial services group.
The recent double-digit percent increase in FirstRand’s share price propelled the market value of Burger’s stake from R354.78 million ($19.11 million) on April 17 to R394.50 million ($21.25 million) at the time of drafting this report.
