South African business magnate Laurie Dippenaar has seen a substantial decline in the market value of his holding in FirstRand, following a notable downturn in the shares of the prominent financial services group on the Johannesburg Stock Exchange (JSE).
According to data tracked by Billionaires.Africa , Dippenaar's stake in FirstRand has diminished by R316.91 million ($17.11 million) over the last 20 days. This decline comes as investors on the JSE continue to trim down back their stake in the Johannesburg-based financial giant.
This setback follows a period of growth, during which his stake in FirstRand enjoyed a $26.55 million boost from June 27 to July 12 . During this period, the value of his stake climbed from R8.07 billion ($436.97 million) to R7.75 billion ($419.80 million).
FirstRand's market cap falls below $24 billionFirstRand is Africa's largest financial services group in terms of market capitalization. Its integrated financial services portfolio comprises FNB, RMB, WesBank, and Aldermore, as it maintains active operations in South Africa, the UK, and regional markets in Africa.
