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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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Nigeria’s oldest bank confirms billionaire Femi Otedola’s acquisition of $54.2-million stake

Otedola is known for building corporate juggernauts in the energy, shipping, real estate and finance sectors.

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Nigerian billionaire Femi Otedola. ©Billionaires.Africa

After a frenzied 24 hours of back and forth between the media and one of Nigeria’s largest banking groups, First Bank of Nigeria Holdings (FBNH), its management has confirmed the acquisition of a substantial stake in the lender by Nigerian billionaire Femi Otedola.

In a notification sent to the Nigerian Exchange, the financial services group disclosed that Otedola has completed the acquisition of a 5.07-percent stake, or 1,818,551,625 units of shares, from the company’s issued share capital, which amounts to a total of 35,895,292,791 shares.

Information contained in the notification revealed that the billionaire made the acquisition through one of his investment vehicles, Calvados Global Services Limited, which was at the forefront of his sale of a 75-percent stake in Forte Oil Plc to Prudent Energy in 2019.

The acquisition of the shares worth N22.27 billion ($54.2 million) makes him one of the largest shareholders in the Nigeria-based lender, ahead of Obafemi Otudeko, the former chairman of FBNH, and Remi Babalola, who is the current chairman of the holding.

FBNH has a free float unit of 35,773,669,647 ordinary shares, which translates to 99.67 percent of the company’s 35,895,292,791 issued shares.

Otedola’s acquisition of the stake has sent the holding’s share price up by more than 60 percent in the past 28 days. Its market capitalization skyrocketed from a valuation of N267.4 billion ($650.6 million) on Sept. 24 to N440 billion ($1.07 billion) as of the time of writing.

Recall that Billionaires.Africa previously reported that the billionaire acquired a significant stake in the leading Nigerian banking group on Oct. 22.

In reaction, in an earlier statement, FBNH disclosed that it had not received any notification from Otedola in line with the acquisition as mentioned in the news report.

The lender noted that it will notify the appropriate agencies and authorities whenever it receives any notice of significant shareholding from shareholders and the company’s registrars.

Otedola’s acquisition opens up fresh debate surrounding who holds the largest stake in the group, as experts believe that aside from Tunde Hassan-Odukale, who holds a 5.36-percent stake in the lender, Nigerian billionaire Mike Adenuga could be one of its largest shareholders.

Following his purchase of the stake, experts expect Otedola to bring fresh ideas that will drive forward the bank’s growth, as they believe the billionaire will take on a management role.

Otedola is known for his ability to innovate in disparate sectors after building and leading corporate juggernauts in the energy, shipping, real estate and finance industries.

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Led by Tunisian Ben Yedder family, Ennakl Automobiles posts $153 million in revenue in 9M 2021

Ennakl is a Tunisian auto retailer selling cars under the Volkswagen, Audi, Seat and Porsche brands.

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Ennakl Automobiles Chairman Abdellatif Hmam.

Tunisia-based automobile company Ennakl Automobiles has posted TND429.91 million ($152.9 million) in revenue in the first nine months of 2021, as the automobile company continues to benefit from strong growth in demand.

Ennakl Automobiles is a Tunisia-based automobile retailer engaged in the retail sale of cars under the Volkswagen, Audi, Seat and Porsche brands. The company is majority-owned by the affluent Ben Yedder family and operates under the management of Chairman Abdellatif Hmam.

In addition to its retail activities, the company engages in the importation and distribution of auto parts through its subsidiary, Car Gros, which enables it to offer after-sale services to customers.

Compared with its revenue of TND288 million ($102.4 million) in the first nine-month period of 2020, the company’s consolidated revenue in 2021 rose by 49.3 percent to TND429.9 million ($152.9 million).

The growth in revenue indicates a significant improvement in sales despite the impact of the COVID-19 pandemic on its operating environment, as the company was able to sell 6,393 vehicles in the first nine months of 2021, up 58.3 percent from the 4,039 units sold last year.

The management noted that the company’s excellent financial performance at the end of Q3 2021 consolidated its leading position among importers in the automotive sector, resulting in Ennaki seizing a 14.24-percent market share during the period under review.

In line with its commitment to create value for stakeholders and improve its market dominance in the automobile industry, Ennakl Automobiles signed a distribution contract with Renault Trucks on Sept. 7 to become its second non-exclusive importer on Tunisian territory.

Ennakl also invested TND2.3 billion ($817.8 million) in its operations, maintaining its budgeted investments, particularly with the extension of the SEAT brand showroom.

As of press time, Oct. 23, shares in the company were trading at TND12 ($4.30). This is 1.5-percent higher than its opening price this month.

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Paystack Co-Founder Ezra Olubi partners with group of investors to inject $1.7 million into Brass Banking startup

The Nigerian digital banking startup seeks to address the underserved banking needs of local entrepreneurs.

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Nigerian fintech tycoon Ezra Olubi.

Leading Nigerian tech founders have partnered with investors to raise $1.7 million in funding for Brass Banking, a Nigerian digital banking startup that seeks to address the underserved banking needs of local entrepreneurs across Sub-Saharan Africa.

Ezra Olubi, co-founder of Paystack, which was earlier acquired by Stripe, and Olugbenga “GB” Agboola, co-founder of Flutterwave, joined forces with Hustle Fund, Acuity Ventures, Uncovered Fund and Ventures Platform to raise the capital.

Brass Banking is a fintech startup that delivers easy access to affordable premium commercial-grade banking services for small- and medium-sized businesses. It helps create a current account for companies within 10 minutes, a service hardly obtainable with traditional banks.

The digital bank was founded by Sola Akindolu, former head of product at Kudi, and Emmanuel Okeke, former engineering manager at Paystack, in July 2020,

Brass will invest the funds in accelerating its expansion into South Africa and Kenya, Nairametrics reported.

Moreover, Brass plans to launch several new product categories, including an expansion of its credit-market presence as it seeks to broaden its customer base.

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