Table of Contents
Key Point
- South African billionaire Michiel Le Roux’s stake in Capitec Bank nears $2 billion, boosted by a recent surge in the bank’s share price on the JSE.
- Capitec Bank, founded in 1999, faces internal misconduct issues with fired employees manipulating debit order systems.
- Le Roux’s stake in Capitec rises by $77.03 million in less than two weeks, reflecting a 4.16% gain in the bank’s shares.
South African billionaire Michiel Le Roux has seen a notable increase in the market value of his stake in Capitec Bank, with his shares in the retail bank approaching the $2 billion mark, driven by the sustained surge in the bank’s share price on the Johannesburg Stock Exchange (JSE).
According to data tracked by Billionaires.Africa, the market value of Le Roux’s stake in Capitec Bank has increased by R1.39 billion ($77.03 million) over the past thirteen days, bringing his holdings to R34.82 billion ($1.92 billion). This follows a previous dip that saw his stake slump by R589.33 million ($31.65 million) between June 3 and June 12.
Capitec Bank rises on JSE despite internal misconduct
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.
The lender recently fired several employees for manipulating its debit order switching system. The bank’s forensic services department acted on a tip-off regarding fraudulent activity at the KwaMashu Midway Crossing Branch. The implicated employees allegedly used unauthorized external bank account numbers during debit order switch submissions.
Capitec Bank’s shares have gained 4.16 percent on the JSE in less than two weeks, climbing from R2,535.00 ($140.38) on June 27 to R2,640.46 ($146.22). This rise has not only delivered substantial gains to shareholders but also boosted Le Roux’s stake above the $1.9 billion mark.
Michiel le Roux’s Capitec stake climbs to $1.92 billion
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.
The recent surge in Capitec’s share price has boosted Le Roux’s holding by R1.39 billion ($77.03 million). As of June 27, his stake was valued at R33.43 billion ($1.85 billion); it now stands at R34.82 billion ($1.92 billion).
Your Money and Your Life
Capitec Bank continues to impress investors, posting a year-to-date return of 32.4 percent. A $100,000 investment at the start of the year would now be worth $132,400, representing a gain of $32,400.
