South African businessman Jannie Mouton, the founder of the PSG Group investment holding firm, has seen a significant boost in wealth over the last week, owing to the rising value of his stock in Capitec Bank, a leading South African retail bank.
The market value of Mouton’s investment in Capitec Bank has increased by R631.75 million ($33.82 million) in the last eight days due to the retail bank’s prolonged upswing on the Johannesburg Stock Exchange.
Capitec Bank is a prominent financial institution in South Africa, with one of the largest customer bases in the country. Over the last 20 years, it has established itself as a trusted retail banking brand, with 856 branches and 7,436 ATMs.
Capitec Bank’s shares on the Johannesburg Stock Exchange have risen by 5.19 percent in the last week, from R2,016.44 ($107.944) on March 5 to R2,121.13 ($113.548), resulting in large gains for owners.
The lender’s share price increased after acquiring a controlling stake in Avafin Holding, a digital non-bank consumer lender based in Cyprus, for R500 million ($26.76 million).
Mouton is known for co-founding Capitec Bank with Michiel Le Roux and Riaan Stassen. He currently owns a 5.11 percent stake in the top retail bank, which equates to 6,034,518 shares, through his Jf Mouton Familietrust.
Mouton’s investment in Capitec Bank has increased by R631.75 million ($33.82 million) due to a recent increase in the group’s share price, from R12.17 billion ($651.39 million) on March 5 to R12.80 billion ($685.21 million) as of writing.
This enormous increase in Mouton’s investment not only confirms his status as one of the most affluent investors on the Johannesburg Stock Exchange, but also cements his place among South Africa’s wealthiest persons.
