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The 20 richest South Africans on the Johannesburg Stock Exchange

The bourse is Africa’s largest stock exchange and its most overvalued.

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South African billionaire Johann Rupert.

Africa’s largest stock exchange and the most overvalued bourse on the continent, the Johannesburg Stock Exchange is home to over 473 listed entities that are jointly valued at R17.90 trillion ($1.20 trillion).

The 20 richest investors on the exchange jointly control 1.05 percent of the bourse’s $1.2 market capitalization, which amounts to $12.6 billion.

This is higher than the market capitalization of all the listed companies on the Zimbabwe Stock Exchange, Dar es Salaam Stock Exchange and Uganda Stock Exchange.

Based on figures derived from investment agencies, the latest annual reports and confirmations from capital market registrars, these are the 20 richest people who own stocks listed on the Johannesburg Stock Exchange.

The value of their shares is based on prices at the end of trading on Aug. 20, and valuations are converted to U.S. dollars at current exchange rates.

#1 Patrice Motsepe

Net worth on the JSE: $2.5 billion

Holdings: African Rainbow Minerals, Sanlam, African Rainbow Capital Investments

South Africa’s first black billionaire is the founder of African Rainbow Minerals, a diversified mining and minerals company with long-life, low unit cost operations. ARM mines iron ore, manganese ore, chrome ore, platinum group metals (PGMs), nickel and coal. Motsepe owns 46 percent of the company – a shareholding worth $1.7 billion. He has a 7.8-percent stake in financial services giant Sanlam and 27 percent of African Rainbow Capital Investments.

#2 Michiel le Roux

 Net worth on the JSE: 1.3 billion

 Holdings: Capitec

South African billionaire banker Michiel le Roux founded Capitec Bank in 2001 and owns a 10.84-percent stake. Roux served as chairman of the board of Capitec from 2007 to 2016 and continues to serve as a board member.

#3 Johann Rupert

Net worth on the JSE: $1.2 billion

 Holdings: Remgro, Reinet Investments S.C.A

Johann Rupert owns 1 percent of Remgro’s publicly traded ordinary shares and controls all of Remgro’s class-B shares through Rembrandt Trust. He also owns 24.9 percent of Reinet Investments S.C.A, an investment vehicle that is listed on the Luxembourg and Johannesburg stock exchanges.

#4 Ivan Saltzman & family

 Net worth on the JSE: $1.005 billion

 Holdings: Dis-Chem

Through his Saltzman Family Trust, Ivan Saltzman owns 54.41 percent of Dis-Chem Pharmacies – the second-largest retail pharmacy chain in South Africa, with 165 stores, plus operations in Namibia and Botswana. His stake is worth $1,005,089,100.

#5 & 6 Najib & Taha Mikati

 Net worth on the JSE: $871,670,150

Holdings: MTN

Najib Mikati, a former prime minister of Lebanon, and his brother Taha Mikati, own a combined 6.74-percent stake in MTN Group, Africa’s largest mobile telecoms company. They hold the stake through their M1 Limited, their private investment company. The Mikati brothers are both billionaires.

#7 Giovanni Ravazzotti

 Net worth on the JSE: $850.9 million

 Holdings: Italtile

Giovanni Ravazzotti is the founder of Italtile, South Africa’s biggest leading franchisor, retailer and manufacturer of tiles, bathroom ware and related products. He owns 33.88 percent of Italtile through Rallen Proprietary Limited. His stake is worth $850,975,438.

#8 Christoffel Wiese

Net worth on the JSE: $ 762.7 million

Holdings: Shoprite, Brait, Invicta

Christoffel Wiese owns 11.44-percent of Shoprite Holdings, which has supermarkets and furniture stores across various African countries. His other assets include an 18.23-percent stake in investment company Brait and 20 percent of Invicta.

#9 Stephen Saad

Net worth on the JSE: $710.7 million

Holdings: Aspen Pharmacare

Stephen Saad owns a 12.55-percent stake in Aspen Pharmacare Holdings, the pharmaceutical company he founded.

#10 Isaias Jose Calisto

 Net worth on the JSE: $694.3 million

 Holdings: Karooooo  

Isaias Jose Calisto is the founder and controlling shareholder of Karooooo Investment – a leading global mobility SaaS platform. Karooooo owns Cartrack, a South African Software-as-a-Service “SaaS” platform provider for small, medium and large businesses and consumers requiring a software platform for data analytics to optimize fleets, driver behavior, insurance risk, safety and asset recovery. Calisto owns a 65.97-percent stake in Karooooo. Karooooo Investment is primarily listed on the Nasdaq, but was listed on the JSE in April via secondary listing.

#11 Laurie Dippenaar

 Net worth on the JSE: $556.4 million

 Holdings: Firstrand, Rand Merchant Investment

Laurie Dippenaar and his family trust own 1.76 percent of Firstrand. That stake is valued at $395.6 million. In 1977, Dippenaar founded FirstRand’s predecessor, Rand Consolidated Investing, along with Paul Harris and Gerrit Ferreira. Dippenaar also owns 4.81 percent of Rand Merchant Investment.

#12 Adrian Gore

 Net worth on the JSE: $455,950,540

Holdings: Discovery

Adrian Gore is the founder and CEO of South Africa’s leading medical insurer, Discovery Holdings. He owns 7.98 percent of the company.

#13 Raymond Ackerman & Family

Net worth on the JSE: $482,442,768

Holdings: Pick N Pay

 Ninety-year-old Raymond Ackerman and his family own a 26.07-percent stake in Pick n Pay Group.

#14 Johannes Mouton

Net worth on the JSE:  $316,976,162

Holdings: PSG Group

Johannes Mouton and his family own a 29.35-percent stake in financial services giant PSG Group. His son, Petrus, is PSG’s CEO.

#15 Michael “Gus” Attridge

Net worth on the JSE:  $194,449,495

 Holdings: Aspen Pharmacare

Michael Attridge co-founded Aspen Pharmacare with Stephen Saad in 1997 and currently owns a 3.41-percent stake in the company. He serves as deputy CEO and finance director of the company.

#16 Jonathan Jawno

Net worth on the JSE: $180,916,038

Holdings: 10.27-percent stake in Transaction Capital

#17 Steven Herring

 Net worth on the JSE:  $174,215,444

 Holdings: 87.23 percent of Heriot REIT

#18 Gerhardus Fourie

Net worth on the JSE: $117,531,829

 Holdings: 0.86-percent stake in Capitec Holdings.

#19 J. Le Roux

Net worth on the JSE: $100,577,325

 Holdings: 1.64-percent stake in Shoprite Holdings

#20 Stanley Richard Goetsch

Net worth on the JSE: $100,508,910

Holdings: 5.41-percent stake in Dis-Chem Pharmacies Limited

Mfonobong Nsehe contributed to this report. Send comments to news@billionaires.africa.

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Namibian tycoon Quinton van Rooyen’s Trustco wins round in court against JSE

Shares in the group rose 35.56 percent as a result.

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Quinton van Rooyen.

Trustco Group, an investment holding majority owned by Namibian businessman Quinton van Rooyen and his family, has won a round in court against the Johannesburg Stock Exchange (JSE).

The Pretoria High Court ruled that the company may not be suspended from the JSE until the hearing of its review application in September.

The presiding judge, Nicoline Janse van Nieuwenhuizen, pre-dismissed every argument made against Trustco. The judge issued a decision, in which she ordered the JSE to be interdicted and restrained from suspending Trustco shares from trading on the local bourse.

“The grounds of review are all deserving of a proper hearing in due course, and I am satisfied that Trustco has asserted a prima facie right to fair and just administrative action,” she said in her decision.

In response to the news, shares in the group rose 35.56 percent to R0.61 ($0.0367), from a price of R0.45 ($0.0271) at the start of trading this morning.

The increase in Trustco’s share price pushed its market capitalization above R985 million ($60 million) and the value of van Rooyen’s 63.94-percent stake above R630 million ($38 million).

The court also prohibited the JSE from implementing or attempting to implement the decision that Trustco restate its annual financial statements for the fiscal year ending March 31, 2019, as well as the interim results for the six months ending Sept. 30, 2019.

The legal battle between Trustco and the JSE began on Nov. 11, 2020, when the exchange’s authorities claimed that the company had not met the listing requirements for its 2019 annual financial statements and 2020 interim results.

As part of the allegations, the JSE accused Trustco of violating international accounting standards by misrepresenting features of two loans and reclassifying land that it owns.

Trustco questioned the JSE’s authority to order corporations to amend their financial statements. It claimed that only boards have that authority and stated that all transactions had been “exactly accounted for, reported, and disclosed.”

Amid the legal battle between Trustco and the JSE, wary local bourse investors sold their stakes in the company, fearing a potential delisting of its shares, which caused the share price to crash to an all-time low in July before rebounding recently by double digits.

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Ugandan tycoon Charles Mbire to pocket $1.15-million interim dividend from MTN Uganda

Mbire owns a significant 3.98-percent stake in the Ugandan telecom outfit.

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Charles Mbire.

Ugandan multimillionaire businessman Charles Mbire is on track to receive an interim dividend of Ush4.48 billion ($1.155 million) from his stake in MTN Uganda after the telecom group reported a double-digit percent increase in earnings in the first half of 2022.

MTN Uganda is Uganda’s leading telecom service operator.

Mbire, the chairman of MTN Uganda and one of Uganda’s wealthiest businessmen, owns a significant 3.98-percent stake in the Ugandan telecom outfit, which operates as the fourth operating subsidiary of the South African multinational mobile telecom company, MTN Group.

The interim dividend will be paid electronically into his bank account at a later date from the group’s retained earnings of Ush902 billion ($232.4 million) at the end of its 2022 fiscal year. It is his first dividend from the telecom company since its shares were listed more than eight months ago.

The dividend payment follows a significant rise in the group’s earnings in the first half of 2022 despite a 4.9-percent decline in voice revenue, as it looks set to replicate its stellar performance in 2021.

As a result of the company’s strong financial performance, the board of directors approved the payment of an interim dividend of Ush5 ($0.00128) per share for the six months ending June 30, totaling Ush11.95 billion ($28.9 million), which is subject to withholding taxes.

According to data retrieved from the company’s earnings report for the first six months of 2022, its profit increased by 48.1 percent to Ush193.6 billion ($50.2 million) in the first half of 2022, compared to Ush130.7 billion ($33.7 million) in the first half of 2021.

The double-digit increase in profit can be attributed to a 10-percent surge in the company’s service revenue, which was driven by a significant increase in data and fintech revenue, which were more than sufficient to offset the 4.9-percent decline in voice revenue.

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Billionaire Robert Smith’s Vista to acquire Avalara business software for $8.4 billion

Smith directs Vista’s investment strategy.

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Robert Smith.

Avalara Inc., a leading tax compliance automation provider for businesses, has agreed to be bought by Vista Equity Partners for $8.4 billion.

Vista Equity Partners is a leading global investment firm led by America’s richest Black person, Robert Smith.

The transaction received unanimous approval from the Avalara board of directors and is expected to close in the second half of 2022, subject to customary closing conditions such as shareholder and regulatory approval.

Under the terms of the deal, Vista will acquire all outstanding shares of Avalara common stock for $93.50 per share in an all-cash transaction valued at $8.4 billion, including Avalara’s net debt.

According to a source familiar with the situation, Vista has secured a total of $2.5 billion in loans from private lenders as part of the move to bring in institutional investors as co-investors.

The purchase price represents a 27-percent premium over the company’s closing share price on July 6, the last trading day prior to the announcement of the deal.

“For nearly two decades, Avalara has ambitiously pursued its vision of automating global compliance, making tax less taxing for businesses and governments around the world,” Avalara Co-Founder and CEO Scott McFarlane said.

“As a category leader, we believe that continuing to invest in innovation and experience is exciting for our customers, partners, and employees,” he said. “We are excited to work with Vista and will benefit from their enterprise software expertise as we build and improve our cloud compliance platform.”

After the conclusion of the deal, Avalara shares will no longer trade on the New York Stock Exchange. Avalara will become a private company managed by Vista.

Smith has an $8-billion stake in Vista and directs its investment strategy.

He also serves on its executive committee, the company’s governing and decision-making body for all matters affecting overall management and strategic direction. He has supervised more than 570 completed transactions, with a total transaction value of more than $265 billion.

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