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FirstRand Stake of South African Mogul Laurie Dippenaar Dips Under $340M

Laurie Dippenaar, a South African banker, has seen a significant drop in fortune when the market value of his interest in FirstRand, Africa’s largest banking company, fell below $340 million. This decrease is due to the continuous decline in the shares of the major financial services group on the Johannesburg Stock Exchange (JSE).

Dippenaar’s shareholding in FirstRand has dropped by R243.86 million ($13.04 million) in the last 18 days, bringing it below $340 million. This follows a pattern in which local investors on the Johannesburg Stock Exchange are gradually lowering their stake in the business.

Dippenaar experienced a $25.6-million loss from Jan. 26 to Feb. 12. This setback comes shortly after. During this time, the market value of his FirstRand shareholding decreased from R6.81 billion ($357.96 million) to R6.32 billion ($332.32 million).

FirstRand is Africa’s largest financial services firm by market capitalization. Its integrated financial services business includes FNB, RMB, WesBank, and Aldermore, with active operations in South Africa, the United Kingdom, and Africa’s regional markets.

FirstRand’s share price has dropped by 3.69 percent, from R66.87 ($3.575) on Feb. 22 to R64.40 ($3.443) as of reporting. This decline has reduced its market value below $20 billion, resulting in significant losses for owners, including Dippenaar.

Dippenaar, who co-founded Rand Consolidated Investing with GT Ferreira and Paul Harris in 1977 and built it into a premier financial services firm, owns 1.76 percent of FirstRand, or 98,726,988 shares.

Laurie Dippenaar’s holding in FirstRand has dropped by R243.86 million ($13.04 million) from R6.60 billion ($352.97 million) on February 22 to R6.36 billion ($339.93 million) as FirstRand shares have continued to fall.

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