The market value of South African billionaire Michiel Le Roux’s investment in Capitec Bank has decreased due to the bank’s share price decline on the Johannesburg Stock Exchange (JSE).
According to data, the value of Le Roux’s investment in Capitec Bank has fallen by R632.46 million ($34.56 million) in the last 15 days, as investors continue to reduce their holdings in South Africa’s top lender.
The recent decline follows a $76 million loss from April 8-11, when the market value of his holding in Capitec Bank plunged below $1.5 billion.
Michiel Le Roux, Jannie Mouton, and Riaan Stassen co-founded Capitec Bank, which has grown steadily over the last two decades. With more than 850 locations and 7,400 ATMs in South Africa, the bank has established itself as one of the world’s biggest retail banking companies.
Since April 30, Capitec Bank’s shares on the JSE have declined by 2.93 percent, from R2,327.86 ($126.513) to R2,259.72 ($122.810) at the time of publishing. This has pushed the company’s market capitalization below $15 billion.
Michiel Le Roux now has an 11.39 percent interest in Capitec Bank. This holding, which amounts to 13,190,043 ordinary shares in the top retail banking firm, places him among the continent’s wealthiest men.
The recent decline in Capitec Bank shares has resulted in a significant loss in the value of Le Roux’s shareholding, which has fallen by R632.46 million ($34.56 million) during the last 15 days. As a result, the market value of his stake has decreased from R30.7 billion ($1.68 billion) on April 30 to R30.07 billion ($1.64 billion).
Despite the setback, Michiel Le Roux remains one of South Africa’s billionaires, ranking among the continent’s financial elite and top JSE investors.
