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Alan Pullinger, multimillionaire South African banker and the outgoing CEO of FirstRand, has witnessed a substantial decline in the market value of his stake in the renowned financial services provider due to persistent selling pressures on the Johannesburg Stock Exchange.
According to the data tracked by Billionaires.Africa, the market value of Pullinger’s stake in the leading financial services provider has slumped by R33.2 million ($1.8 million) in the past 28 days as investors reduced their holdings in the lender.
FirstRand, known for its broad financial services portfolio comprising FNB, RMB, WesBank, and Aldermore, holds active operations in South Africa, the UK, and regional markets in Sub-Saharan Africa. The group has firmly established itself as a major player in the industry.
Pullinger, a multimillionaire business executive and outgoing CEO of the financial services group, owns a minority stake of approximately 0.1 percent, or 5,634,679 ordinary shares in the lender.
FirstRand’s market capitalization dips below $20 billion
Since Sept. 20, FirstRand’s shares have experienced a 7.67-percent decrease, declining from R66.75 ($3.557) to R60.86 ($3.243) at the time of this report, thus resulting in financial losses for shareholders and driving the group’s market capitalization below the $20-billion mark.
As a result of the recent single-digit percent decrease in FirstRand shares, the market value of Pullinger’s stake has fallen from R376.11 million ($20.04 million) on Sept. 20 to R342.93 million ($18.27 million) at the time of this report.
Despite the recent decline of R33.2 ($1.8 million) in his stake in the financial services group, Pullinger remains one of South Africa’s most affluent executives and wealthiest investors on the Johannesburg Stock Exchange.
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