Table of Contents
Key Point
- Alan Pullinger’s stake in FirstRand has increased by $4.39 million in the past 31 days due to a share surge.
- FirstRand shares on the JSE have risen 22.86% in 29 days, boosting its market capitalization above $23 billion.
- A $100,000 investment in FirstRand at the start of the year would now be valued at $105,340, reflecting a $$5,340 gain.
Alan Pullinger, the multimillionaire South African banker and former CEO of FirstRand, has seen a significant increase in his wealth over the past month. The market value of his stake in FirstRand has surged past $23 million, driven by a recent rise in the financial services group’s share price on the Johannesburg Stock Exchange (JSE).
According to data tracked by Billionaire.Africa, Pullinger’s stake in FirstRand has grown by R80.74 million ($4.44 million) in the past 31 days. This increase builds on previous gains recorded between April 17 and May 9, when the market value of his stake rose by R38.71 million ($2.09 million), from R333.18 million ($18.03 million) to R371.89 million ($20.12 million).
FirstRand’s shares surge 22.86 percent
FirstRand, known for its diverse portfolio that includes FNB, RMB, WesBank, and Aldermore, operates not only in South Africa but also in the UK and regional markets across Sub-Saharan Africa. The group has cemented its status as a key player in the industry.
Recently, the lender’s shares have experienced a notable uptick, rising 22.86 percent from R62.69 ($3.44) on June 6 to R77.02 ($4.22). This increase has propelled FirstRand’s market capitalization above $23 billion.
Allan Pullinger gains $4.44 million
Pullinger, a leading business executive in South Africa and outgoing CEO of the financial services group, holds a minority stake of approximately 0.1 percent, equivalent to 5,634,679 ordinary shares in the lender.
As a result of the recent surge in the group share price, Pullinger’s stake in FirstRand has increased by R80.74 million ($4.44 million) in the last 31 days, rising from R353.24 million ($19.41 million) on June 6 to R433.98 million ($23.85 million).
Pullinger’s newfound wealth cements his status as one of South Africa’s most affluent executives and positions him as one of the wealthiest investors on the Johannesburg Stock Exchange.
Your Money and Your Life
After a challenging year that saw FirstRand’s share price dip below R70 ($3.84), renewed investor interest has bolstered buying activity. Analysts remain optimistic about the company’s future performance.
This renewed optimism has spurred a significant surge in the share price of the leading financial services group. Year-to-date gains have climbed to 4.77 percent, further boosted by currency appreciation. Including currency effects, year-to-date gains stand at 5.34 percent.
An initial investment of $100,000 at the beginning of the year would now be worth $105,340, representing a profit of $5,340.
