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South African billionaire Michiel Le Roux has witnessed a remarkable rebound in the market value of his stake in Capitec Bank, with his shares in the leading retail bank now approaching the $2 billion mark. This significant rise is fueled by a recent resurgence in the bank’s share price on the Johannesburg Stock Exchange (JSE).
In recent times, the market value of Le Roux’s stake in Capitec Bank has rebounded significantly, driving up his stake by R4.53 billion ($249.72 million) over the past 13 days. His stake is now worth R33.81 billion ($1.86 billion), drawing it closer to the $2 billion mark.
This rebound follows a prior downturn, during which his holding declined by R2.11 billion ($112.29 million) between May 20 and June 3, dropping from R30.21 billion ($1.6 billion) to R28.09 billion ($1.49 billion).
Impressive returns for Capitec Bank investors
South Africa’s Capitec Bank, founded in 1999 by Le Roux, Jannie Mouton, and Riaan Stassen, has become a leading retail banking brand with a strong customer base. The bank boasts a vast network of over 850 branches and 7,400 ATMs across the country.
Capitec Bank’s shares have surged 15.47 percent on the JSE in less than two weeks, climbing from R2,219.73 ($122.17) on June 12 to R2,563.19 ($140.27). The increase has delivered substantial gains to shareholders and also boosted Le Roux’s stake above the $1.8 billion mark.
Michiel Le Roux’s Capitec Bank stake nears $2 billion mark
Michiel Le Roux presently owns an 11.39-percent stake in Capitec Bank. This stake — which translates to a total of 13,190,043 ordinary shares in the leading retail banking group — makes him one of the richest men on the African continent.
Thanks to the recent rebound in Capitec Bank’s shares, Le Roux’s stake in Capitec Bank has risen by R4.53 billion ($249.72 million), climbing from R29.28 billion ($1.61 billion) on June 12 to R33.8 billion ($1.86 billion). This surge solidifies his standing as one of South Africa’s leading businessmen and investors.
Your Money and Your Life: Capitec’s year-to-date performance
Capitec Bank continues to offer impressive returns to its investors, boasting a year-to-date return of 31.30 percent. A $100,000 investment at the start of the year would now be valued at $131,260, reflecting a gain of $31,287.
Le Roux’s recent wealth gain highlights his strategic interest in the banking sector. His significant contributions to the South African financial services industry further affirm his position among the country’s top billionaires.
