South African billionaire Michiel Le Roux’s holding in Capitec Bank has increased significantly in market value, with his shares in the retail bank surpassing $2 billion, owing to the bank’s persistent rise in share price on the Johannesburg Stock Exchange.
Over the last 13 days, the market value of Le Roux’s share in Capitec Bank has climbed by R1.39 billion ($77.03 million), increasing his total holdings to R34.82 billion ($1.92 billion). This comes after a previous decline in which his shareholding dropped by R589.33 million ($31.65 million) between June 3 and June 12.
Capitec Bank, created in 1999 by Le Roux, Jannie Mouton, and Riaan Stassen, is now a renowned 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.
The lender dismissed many staff for misusing the debit order switching system. The bank’s forensic services department investigated a tip-off about fraudulent activities at the KwaMashu Midway Crossing Branch. The accused employees allegedly utilized unlawful external bank account numbers when submitting debit order swap requests.
Capitec Bank’s shares increased by 4.16 percent on the JSE in less than two weeks, from R2,535.00 ($140.38) on June 27 to R2,640.46 ($146.22). This increase has not only resulted in significant returns for shareholders, but also pushed Le Roux’s ownership past $1.9 billion.
Michiel le Roux currently has an 11.39 percent stake in Capitec Bank. This position, totaling 13,190,043 ordinary shares in the top retail banking firm, makes him one of Africa’s richest individuals.
The recent rise in Capitec’s share price has increased Le Roux’s ownership by R1.39 billion ($77.03 million). As of June 27, his stock was valued at R33.43 billion ($1.85 billion); it is currently at R34.82 billion ($1.92 billion).
Capitec Bank continues to amaze investors, with a year-to-date return of 32.4%. A $100,000 investment made at the beginning of the year is now worth $132,400, signifying a $32,400 increase.
