South African billionaire Michiel Le Roux’s stake in Capitec Bank increased by more than $160 million in just 16 days, bringing his total assets closer to $2.2 billion. This gain came soon after breaking the $2 billion mark earlier this month.
Le Roux’s shareholding in Capitec Bank has increased by R2.87 billion ($161.6 million) in the last 16 days. This huge gain is due to a persistent growth in Capitec’s share price on the Johannesburg Stock Exchange (JSE).
From June 27 to July 11, Le Roux’s investment climbed by $77.03 million, bringing it from $1.85 billion to $1.92 billion.
Michiel le Roux, Jannie Mouton, and Riaan Stassen founded Capitec Bank in 1999, and it has since evolved to become one of the world’s largest retail banking companies. As of February 29, 2024, the bank served over 22 million active clients, a 10% growth over the previous year. It has a huge network of over 850 branches and 7,400 ATMs across South Africa.
This year, its JSE shares have grown at an impressive rate. The bank’s share price recently increased by about 8%, rising from R2,735.65 ($153.7) on August 12 to R2,953.62 ($165.98). This price hike has pushed its market valuation closer to $20 billion.
Michiel Le Roux, a prominent participant in South Africa’s financial services industry and one of Africa’s wealthiest men, now has an 11.39 percent ownership in Capitec Bank, which translates to 13,190,043 shares. This investment establishes him as a top investor in South Africa.
The market value of Le Roux’s stock has climbed by R2.87 billion ($161.6 million) in the last 16 days, rising from R36.08 billion ($2.03 billion) on August 12 to R38.96 billion ($2.19 billion).
Capitec Bank has achieved a remarkable year-to-date return of 46.9 percent on the JE, greatly increasing shareholder wealth. A $100,000 investment at the beginning of the year is now worth $146,900, representing a profit of $46,900.
