South African billionaire Piet Mouton loses $130 million on Capitec shares in third quarter

South African billionaire Piet Mouton lost $130 million on his stake in Capitec in the third quarter of 2026, as shares of the country's largest retail bank fell 7% on the Johannesburg Stock Exchange.

Mouton is a former chief executive of investment group PSG and the son of PSG founder Jannie Mouton. He owns 6,685,622 Capitec shares, about 5.8% of the bank. Capitec closed at 4,729.06 rand on July 1 and at 4,396.21 rand on Sept. 30. Billionaires.Africa calculations show the fall cut the value of his stake from $1.92 billion to $1.79 billion.

The rand barely moved over the quarter, going from 16.44 to 16.39 per dollar, so the loss reflects the lower share price.

Capitec was founded in 2001 by Jannie Mouton, Michiel Le Roux and Riaan Stassen, with financial backing from PSG. It has grown into South Africa's largest bank by number of clients, with more than 26 million, and became the country's most valuable bank this year.

Capitec shares fell more than 4% on Sept. 10, even after the bank said interim headline earnings per share would rise 18% to 20% for the six months to August. The stock had been trading at about 26 times expected earnings, well above other South African banks. Capitec shares had risen 191% in the five years to July.

During the quarter the bank changed its registered name to Capitec Limited and added a secondary listing on A2X Markets, a smaller Johannesburg exchange. Its interim results were due on Sept. 30.

The decline hit the bank's other founding shareholders too. Jannie Mouton, who owns 5,917,727 shares through the JF Mouton Family Trust, lost about $115 million. Le Roux, Capitec's largest individual shareholder, lost about $256 million on his 13,164,393 shares.

PSG later distributed its entire Capitec stake to its own shareholders, and the Mouton family has kept large direct holdings in the bank since.