Michiel Le Roux, a South African business magnate, saw his stake in Capitec Bank increase by $60 million in a single day. This boost is linked to a significant increase in the bank’s share price on the Johannesburg Stock Exchange (JSE).
Le Roux, a significant figure in South Africa’s financial services sector, has increased his investment in Capitec Bank by R1.12 billion ($60 million) as share prices rise on the JSE.
Capitec Bank, co-founded by Le Roux, Jannie Mouton, and Riaan Stassen, has established itself as a significant South African retail bank over the last two decades, collecting a sizable customer base with a network of over 850 locations and 7,400 ATMs.
Le Roux, who played a crucial role in defining the African financial services sector, holds an 11.39 percent ownership in Capitec Bank, or 13,190,043 shares, and remains a prominent South African investor.
Capitec Bank’s share price increased by 4.03 percent in 24 hours, from R2,099.78 to R2,184.47, as of April 4. This growth pushed the group’s market valuation above $13 billion, cementing its position as a prominent African financial services provider and providing considerable profits to shareholders such as Le Roux.
Capitec recently acquired a controlling position in Avafin Holding, a digital non-bank consumer lender based in Cyprus, for R500 million ($26.76 million), resulting in a share price increase.
Le Roux’s shareholding in Capitec Bank increased from R27.7 billion ($1.48 billion) on April 3 to R28.81 billion ($1.54 billion) within 24 hours, representing an astounding R1.12 billion ($60 million) increase.
This spike not only solidifies Le Roux’s position among South Africa’s billionaires, but it also improves his reputation as a prominent investor on the Johannesburg Stock Exchange, emphasizing his importance in Africa’s financial circles.
