FirstRand shares fall, costing South African businessman Johan Burger $1.47 million

by MMC
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South African businessman Johan Burger, former CEO of FirstRand, has experienced a substantial decline in his wealth attributed to the recent decline in the market value of his shares in FirstRand Bank, Africa’s leading financial services group .

The market value of Burger’s stake in FirstRand has decreased by R27.54 million ($1.47 million) over the past twenty-six days. The downward trend is largely associated with local investors reducing their stakes in the major Johannesburg-based lender.

FirstRand shares fall 6.4% and market cap falls below $20 billion

FirstRand, boasting an integrated financial services portfolio including FNB, RMB, WesBank and Aldermore, occupies a dominant position in the African financial services sector in terms of market capitalization. The conglomerate maintains active operations in South Africa, the United Kingdom and various regional markets across Africa.

During the last 26 days, FirstRand shares fell 6.4 percent from 66.87 rand ($3.535) on February 22 to 62.59 rand ($3.309). Consequently, this slowdown pushed the company’s market capitalization to $18.56 billion, ranking it 325th on the Johannesburg Stock Exchange in terms of year-to-date performance.

FirstRand share decline reduces stake held by non-executive director Johan Burger by $1.47 million

Johan Burger, former CEO and non-executive director of FirstRand, who owns a 0.11 percent stake equivalent to 6,000,000 ordinary shares of the financial services giant, has also felt the impact of the recent fall in FirstRand shares .

The decline in FirstRand shares caused the market value of Burger’s stake in the financial services giant to fall from R401.2 million ($21.46 million) on February 22 to R373.68 million ( $19.99 million), a reduction of R27. $54 million ($1.47 million).

Despite the recent $1.47 million drop in the market value of his stake, Burger retains his position as a prominent figure in the South African financial sector and remains one of the high-value investors in the market. Johannesburg Stock Exchange.

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