South African business magnate Laurie Dippenaar has recorded a substantial surge in the market value of his stake in FirstRand, propelled by a recent upward trend in the shares of the prominent financial services conglomerate on the Johannesburg Stock Exchange (JSE).
According to market data tracked by Billionaires.Africa, Dippenaar, a leading figure in South Africa’s business landscape, has seen his stake in FirstRand increase by R582.49 ($31.46 million) over the past 18 days, cementing his position as one of South Africa’s wealthiest businessmen.
This surge comes on the heels of a $10.3-million loss recorded between April 10 and 16, when the market value of his stake dwindled from R6.22 billion ($327.57 million) to R6.03 billion ($317.28 million).
FirstRand shares surge by nearly 10 percent
FirstRand is Africa’s largest financial services group in terms of market capitalization. Its integrated financial services portfolio comprises FNB, RMB, WesBank, and Aldermore, as it maintains active operations in South Africa, the UK, and regional markets in Africa.
FirstRand shares on the JSE have risen by 9.98 percent, ascending from R59.13 ($3.1944) on April 17 to R65.03 ($3.5133), pushing the company’s market capitalization near $20 billion with investors reaping significant profits.
Dippenaar’s FirstRand stake gains $31.46 million
Laurie Dippenaar, a co-founder of Rand Consolidated Investing, holds a 1.76-percent stake in FirstRand, translating to 98,726,988 shares, currently valued at $346.7 million.
Due to the upswing in FirstRand shares, the market value of Dippenaar’s stake in the lender has surged from R5.84 billion ($315.28 million) on April 17 to R6.42 billion ($346.74 million) — indicating a noteworthy rise of R582.49 ($31.46 million) within the past 18 days.
The $31.46 million increase in the market value of Dippenaar’s investment in FirstRand solidifies his position as one of South Africa’s wealthiest businessmen and as one of the top investors on the JSE.
