Alan Pullinger Earns $4.4M From FirstRand Investment

Alan Pullinger, CEO of Rand Murchant Bank, for Business Times. PIC. KEVIN SUTHERLAND. 22/08/2008

Alan Pullinger, a multimillionaire South African banker and former CEO of FirstRand, has seen a huge boost in his wealth in the last month. The market value of his investment in FirstRand has risen to $23 million, owing to a recent increase in the financial services group’s share price on the Johannesburg Stock Exchange.

Pullinger’s position in FirstRand has increased by R80.74 million ($4.44 million) over the last 31 days. This increase follows prior increases recorded between April 17 and May 9, when the market value of his stock increased by R38.71 million ($2.09 million), from R333.18 million ($18.03 million) to R371.89 million ($20.12 million).

FirstRand, known for its diversified portfolio, which includes FNB, RMB, WesBank, and Aldermore, operates not only in South Africa but also in the United Kingdom and regional markets throughout Sub-Saharan Africa. The organization has solidified its position as a major participant in the business.

The lender’s shares rose 22.86 percent from R62.69 ($3.44) on June 6 to R77.02 ($4.22). This gain pushed FirstRand’s market value above $23 billion.

Pullinger, a top corporate figure in South Africa and the outgoing CEO of the financial services group, owns a minority holding of about 0.1 percent, or 5,634,679 ordinary shares in the lender.

Pullinger’s shareholding in FirstRand has climbed by R80.74 million ($4.44 million) in the previous 31 days, rising from R353.24 million ($19.41 million) on June 6 to R433.98 million ($23.85 million) today.

Pullinger’s enormous wealth solidifies his position as one of South Africa’s wealthiest executives and investors on the Johannesburg Stock Exchange.

After a tough year in which FirstRand’s share price fell below R70 ($3.84), rising investor interest has boosted buying activity. Analysts are enthusiastic about the company’s future performance.

This increased hope has resulted in a large increase in the share price of the top financial services firm. Year-to-date returns are up 4.77 percent, helped by currency appreciation. Including currency effects, year-to-date gains total 5.34 percent.

An initial investment of $100,000 at the start of the year is now worth $105,340, reflecting a profit of $5,340.

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