South African tycoon Laurie Dippenaar gains $32.6 million from FirstRand stake

Feyisayo Ajayi -

Key Points

  • Laurie Dippenaar’s stake in FirstRand surged by R581.5 million ($32.61 million) in 13 days after a recent stock price rally.
  • FirstRand’s market capitalization now exceeds $26 billion, boosted by a 7.52 percent share price increase.
  • Dippenaar’s 1.76% stake in FirstRand is now valued at $466.17 million, up from $433.55 million earlier this month.

South African business magnate Laurie Dippenaar has seen a remarkable rebound in the market value of his stake in FirstRand, following a recent rally in the stock price of the financial services conglomerate on the Johannesburg Stock Exchange (JSE).

According to data tracked by Billionaires.Africa, stake in FirstRand has surged by R581.5 million ($32.61 million) over the past 13 days, reinforcing his standing among South Africa’s wealthiest individuals. This recovery comes after a $17.1 million loss recorded between July 17 and Aug. 7, when the market value of his holdings dropped from $435.48 million to $418.37 million.

FirstRand’s market cap tops $26 billion

FirstRand, Africa’s largest financial services group by market capitalization, boasts a diversified portfolio that includes FNB, RMB, WesBank, and Aldermore. The group operates actively in South Africa, the UK, and various African regional markets.

Recently, FirstRand’s shares experienced a significant uptick, rising by 7.52 percent from R78.3 ($4.39) on August 6 to R84.19 ($4.72). This surge has propelled the company’s market capitalization beyond $26 billion.

FirstRand shares boost Dippenaar’s stake

Laurie Dippenaar, a co-founder of Rand Consolidated Investing—one of the companies that evolved into FirstRand—holds a 1.76 percent stake in FirstRand, comprising 98,726,988 shares. This stake is currently valued at $466.17 million.

Due to a recent rise in FirstRand’s share price, the market value of Dippenaar’s stake increased from R7.73 billion ($433.55 million) on Aug. 6 to R8.31 billion ($466.17 million), representing a significant gain of R581.5 million ($32.61 million) in just 13 days.

Your Money and Your Life

FirstRand shares have shown impressive year-to-date performance, rising 17.5 percent, and providing substantial returns for investors. A $100,000 investment made at the start of 2024 would now be valued at approximately $117,508, yielding a gain of $17,508.