South African tycoon Laurie Dippenaar gains $22.2 million in FirstRand surge

Omokolade Ajayi -

South African tycoon Laurie Dippenaar has experienced a remarkable increase of over $22.22 million in the market value of his stake in FirstRand, driven by a sustained surge in the shares of the leading bank on the Johannesburg Stock Exchange (JSE).

Dippenaar, a prominent figure in South Africa’s business landscape, has seen the market value of his stake in the Johannesburg-based financial services provider rise by R403.8 billion ($22.22 million) over the past 11 days. This significant gain further cements his position as one of South Africa’s wealthiest businessmen.

This recent increase builds on earlier gains recorded between April 17 and May 5. During that period, the market value of his stake in FirstRand soared by R582.49 billion ($31.46 million), climbing from R5.84 billion ($315.28 million) to R6.42 billion ($346.74 million).

FirstRand’s market performance

FirstRand shares on the JSE have risen by 6.32 percent, climbing from R64.73 ($3.5573) on May 6 to R68.82 ($3.7822) at the time of reporting. This surge has propelled the company’s market capitalization above $20 billion, offering significant profits to investors.

Since its inception, FirstRand has been instrumental in shaping the financial services industry across Africa. Currently, Dippenaar holds a 1.76-percent stake in FirstRand, amounting to 98,726,988 shares, making him one of South Africa’s leading investors.

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Dippenaar’s journey to financial success began in 1977 when he co-founded Rand Consolidated Investing alongside partners GT Ferreira and Paul Harris. It underwent a series of mergers and acquisitions, leading to the formation of FirstRand in the 1990s.

According to data tracked by Billionaires.Africa, the market value of Dippenaar’s stake in the financial services group increased from R6.39 billion ($351.60 million) on May 6 to R6.79 billion ($373.81 million) — a significant gain over the past 11 days.

The surge in the market value of Dippenaar’s stake in FirstRand underscores his status as one of South Africa’s richest businessmen and a prominent investor on the JSE.