Michiel Le Roux, a South African billionaire, has seen the market value of his interest in Capitec Bank rise dramatically, with his shares in the top retail bank now surpassing $2 billion. The recent comeback in the bank’s share price on the Johannesburg Stock Exchange (JSE) is driving the huge increase.
The market value of Le Roux’s share in Capitec Bank has recently recovered dramatically, increasing by R4.53 billion ($249.72 million) in the last 13 days. His shareholding is now worth R33.81 billion ($1.86 billion), bringing it close to the $2 billion barrier.
Between May 20 and June 3, his holdings decreased by R2.11 billion ($112.29 million), from R30.21 billion ($1.6 billion) to R28.09 billion ($1.49 billion).
Founded in 1999 by Le Roux, Jannie Mouton, and Riaan Stassen, South Africa’s Capitec Bank has established itself as a top retail banking brand with a loyal customer base. The bank has a huge network of over 850 branches and 7,400 ATMs around the country.
Capitec Bank’s shares on the JSE have risen 15.47 percent in less than two weeks, from R2,219.73 ($122.17) on June 12 to R2,563.19 ($140.27). The rise has resulted in significant benefits for shareholders while also raising Le Roux’s stake above the $1.8 billion threshold.
Michiel Le Roux now has an 11.39 percent interest in Capitec Bank. This position, which equates to 13,190,043 ordinary shares in the top retail banking firm, places him among Africa’s richest individuals.
Le Roux’s shareholding in Capitec Bank increased by R4.53 billion ($249.72 million) from R29.28 billion ($1.61 billion) on June 12 to R33.8 billion ($1.86 billion) after the company’s shares recovered. This increase strengthens his position as one of South Africa’s most prominent businesses and investors.
Capitec Bank continues to provide exceptional returns for its investors, with a year-to-date return of 31.30 percent. A $100,000 investment made at the beginning of the year is now worth $131,260, representing a $31,287 profit.
Le Roux’s recent fortune rise demonstrates his strategic interest in the banking industry. His considerable contributions to the South African financial services industry solidify his place among the country’s wealthiest billionaires.
