Gerrie Fourie, a South African banking executive, has seen his share in Capitec Bank expand dramatically, with his interests being worth about $150 million. This large increase is being driven by a recent climb in the bank’s share price.
Capitec Bank’s shares has surged in recent weeks, increasing the value of Fourie’s holding by R490.61 million ($27 million) during the last three weeks. His stake is currently worth R2.67 billion ($149.1 million). This increase comes after an R140.7 million ($7.62 million) gain between April 24 and May 11, when his investment grew from $120.14 million to $127.76 million.
Capitec Bank, created 23 years ago by South African millionaire Michiel Le Roux, respected businesspeople Jannie Mouton, and Riaan Stassen, has developed to become a significant retail bank. It provides a variety of services, including transactional banking and financial products such term loans, credit facilities, and credit cards.
In recent weeks, the bank’s shares on the Johannesburg Stock Exchange (JSE) have grown by 22.1 percent, going from R2,129.9 ($118.83) on May 31 to R2,600.63 ($145.1), bringing the group’s market capitalization above $16 billion and yielding significant returns to shareholders.
Gerrie Fourie, Capitec Bank’s CEO, owns a 0.89 percent ownership in the company, which is equivalent to 1,027,673 ordinary shares. As a result, he is one of the country’s wealthiest bankers and one of its most successful investors.
Fourie’s holding in Capitec Bank has increased by R490.61 million ($27 million) from R2.19 billion ($122.12 million) on May 31 to R2.67 billion ($149.10 million) as a result of the recent share price increase. This reinforces Fourie’s status as a wealthy CEO and investor on the JSE.
Capitec Bank continues to provide exceptional returns to its investors, with a year-to-date return of 28.34%. A $100,000 investment made at the beginning of the year is now worth $128,340, representing a $28,340 profit.
