Laurie Dippenaar, a South African business entrepreneur, has experienced a significant increase in the market value of his share in FirstRand following a recent spike in the company’s stock price on the Johannesburg Stock Exchange (JSE).
According to data, his share in FirstRand has increased by R581.5 million ($32.61 million) in the last 13 days, cementing his position as one of South Africa’s wealthiest individuals. This rebound follows a $17.1 million loss reported between July 17 and August 7, when the market value of his shares fell from $435.48 million to $418.37 million.
FirstRand is Africa’s largest financial services firm by market capitalization, with a diverse portfolio that includes FNB, RMB, WesBank, and Aldermore. The group is operating in South Africa, the United Kingdom, and several African regional markets.
FirstRand’s shares recently surged by 7.52 percent, jumping from R78.3 ($4.39) on August 6 to R84.19 ($4.72). This spike has pushed the company’s market valuation above $26 billion.
Laurie Dippenaar, a co-founder of Rand Consolidated Investing (which later became FirstRand), owns 1.76 percent of the company, with 98,726,988 shares. This holding is presently worth $466.17 million.
Dippenaar’s stake’s market value grew from R7.73 billion ($433.55 million) on August 6 to R8.31 billion ($466.17 million), marking a huge gain of R581.5 million ($32.61 million) in just 13 days.
FirstRand shares have risen 17.5 percent year to date, presenting investors with significant returns. A $100,000 investment placed at the beginning of 2024 is now worth around $117,508, representing a $17,508 increase.