South African tycoon Laurie Dippenaar makes $26.6 million from FirstRand stake

Feyisayo Ajayi -

Key Point

  • South African billionaire Laurie Dippenaar’s stake in FirstRand has surged by $26.58 million in the past two weeks due to rising share prices on the JSE.
  • FirstRand, Africa’s largest financial services group, now boasts a market cap exceeding $24 billion, fueled by a recent 6.64% share price increase.
  • Year-to-date, FirstRand shares on the JSE have gained 6.46%, resulting in substantial returns for investors.

South African tycoon Laurie Dippenaar has seen his stake in financial services group FirstRand Limited swell by millions of dollars in the past two weeks, buoyed by a sustained rise in the company’s share price on the Johannesburg Stock Exchange (JSE).

According to data compiled by Billionaire.Africa, Dippenaar’s stake in FirstRand has climbed by R480.8 million ($26.58 million) over the past 14 days. This builds on prior gains recorded between June 10 and 16, when the market value of his stake jumped $39 million, from $340.7 million to $380 million.

FirstRand shares up, market cap tops $24 billion

FirstRand, Africa’s largest financial services group by market capitalization, boasts an integrated portfolio encompassing FNB, RMB, WesBank, and Aldermore, with operations across South Africa, the U.K., and regional African markets.

In recent times, FirstRand’s shares on the JSE have gained 6.64 percent, climbing from R73.39 ($4.056) on June 27 to R78.26 ($4.325). This uptick has pushed the company’s market capitalization above $24 billion, translating into significant shareholder gains.

Laurie Dippenaar, a top JSE investor with a 1.76 percent stake in FirstRand (98,726,988 shares), has seen the market value of his holding rise from R7.25 billion ($400.53 million) on June 27 to R7.73 billion ($427.11 million) — a notable R480.8 million ($26.55 million) increase over the past 14 days.

FirstRand delivers solid YTD performance

FirstRand shares on the Johannesburg Stock Exchange have delivered a robust year-to-date performance, gaining 6.46 percent.

This translates into significant returns for investors. A $100,000 investment in FirstRand shares at the beginning of 2024 would now be worth $107,663, reflecting a gain of $7,663.