Home » FirstRand stake of South African tycoon Laurie Dippenaar nears $400 million

FirstRand stake of South African tycoon Laurie Dippenaar nears $400 million

South African business magnate sees gains amid bullish market

by Timilehin Adejumobi
Laurie Dippenaar

Key Points:

  • FirstRand shares surged 11.3% on JSE, raising Laurie Dippenaar’s stake by $39 million in six days.
  • Dippenaar’s 1.76% stake in FirstRand is now worth $380 million, marking significant recovery from a previous decline.
  • Despite recent gains, FirstRand’s share price is down 4.01% year-to-date.

FirstRand shares have rebounded significantly amidst recent bullish pressures on the Johannesburg Stock Exchange (JSE), elevating South African tycoon Laurie Dippenaar’s stake in the leading lender towards $400 million. Dippenaar’s stake is now valued at $380 million.

Driven by the recent surge in the financial services group’s shares, Dippenaar, a top figure in South Africa’s financial services industry, has seen his stake in the Johannesburg-based financial services giant rise by R712.8 million ($39 million) over the past six days to R6.97 billion ($380 million).

This increase, which reaffirms Laurie Dippenaar’s position as one of the country’s wealthiest businessmen, follows a previous decline of $32.21 million between May 21 and June 8, during which his stake dropped from R6.85 billion ($362.98 million) to R6.25 billion ($330.77 million). 

FirstRand’s Laurie Dippenaar gains $39 million

FirstRand, Africa’s largest financial services group by market capitalization, boasts an integrated portfolio including FNB, RMB, WesBank, and Aldermore, with active operations in South Africa, the UK, and other regional markets in Africa.

The lender’s shares on the JSE have increased by 11.3 percent, climbing from R63.34 ($3.45) on June 10 to R70.56 ($3.84). This rise has propelled the group’s market capitalization above $20 billion, generating substantial returns for investors.

The recent surge in FirstRand’s share price has boosted Dippenaar’s stake by R712.81 million ($39 million) over the past six days, climbing from R6.25 billion ($340.7 million) on June 10 to R6.97 billion ($380 million). Dippenaar currently holds a 1.76-percent stake in FirstRand, amounting to 98,726,988 shares, making him one of South Africa’s leading investors.

Your Money and Your Life: Caution for investors

Despite these gains, investors are advised to exercise caution and conduct thorough due diligence before purchasing FirstRand shares. The stock has experienced a year-to-date decline of 4.01 percent, indicating challenges amid broader market conditions.

Investors who entered the market on January 1 are facing a 4.01 percent loss. For instance, a $100,000 investment would now be valued at $95,990, reflecting a decrease of $4,010.

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