South African tycoon Gerrie Fourie gains $7.6 million from Capitec Bank shares

Mfonobong Nsehe -

South African banking executive Gerrie Fourie has seen a significant boost 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 jumped by R140.7 million ($7.62 million) over the past 17 days. This reversal follows a prior downturn, during which his holdings decreased by $11.9 million between April 8 and 22, dropping from R2.28 billion ($119.39 million) to R2.06 billion ($107.55 million).

Capitec Bank’s market capitalization tops $14 billion

Capitec Bank, established over two decades 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.

Recently, its share price on the JSE has risen by 6.35 percent, rising from R2,157.46 ($117.040) on Apr. 24 to R2,294.37 ($124.467) at the time of drafting this report, propelling its market capitalization above $14 billion and delivering substantial returns to shareholders.

Gerrie Fourie’s stake in Capitec nears $130 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 rise in Capitec Bank’s stock price has boosted the market value of Fourie’s stake by R140.70 million ($7.62 million), increasing from R2.22 billion ($120.14 million) on Apr. 24 to R2.36 billion ($127.76 million) at the time of writing.

This rise further solidifies Gerrie Fourie’s status as one of South Africa’s wealthiest executives and firmly establishes his position among affluent investors on the JSE.