South African businessman Johan Burger’s position in FirstRand, Africa’s largest financial services firm, has seen a huge increase in market value, with the company’s shares rising by more than 11% on the Johannesburg Stock Exchange (JSE).
Within 15 days, the market value of Burger’s FirstRand shareholding grew by R 39.72 million ($2.14 million). This is due to the recent surge in FirstRand’s shares on the JSE.
FirstRand’s integrated financial services portfolio, which includes FNB, RMB, WesBank, and Aldermore, dominates the African financial services sector in terms of market valuation. The corporation has active operations in South Africa, the United Kingdom, and other regional markets in Sub-Saharan Africa.
The company’s shares on the JSE increased by 11.2 percent from R59.13 ($3.185) on April 17 to R65.75 ($3.542), bringing its market capitalization to over $19 billion as of this report. This spike has produced large returns for stockholders, including Johan Burger.
Johan Burger, a former CEO and non-executive director at FirstRand, owns a minority holding of 0.11 percent, or 6,000,000 ordinary shares, in the largest financial services business.
The recent double-digit percentage increase in FirstRand’s share price increased the market value of Burger’s investment from R354.78 million ($19.11 million) on April 17 to R394.50 million ($21.25 million) as of the time of writing.
