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Alan Pullinger, the multimillionaire South African banker and Former CEO of FirstRand, has witnessed a substantial increase in his wealth, as the market value of his stake in FirstRand surged to $20 million, marking a significant rebound in his fortune.
Pullinger, a leading figure in South Africa’s banking industry, has seen his stake in FirstRand grow by R38.71 million ($2.09 million) over the past 22 days, driven by the recent uptick in FirstRand’s shares on the Johannesburg Stock Exchange (JSE).
The recent surge in his fortune comes on the heels of a $3-million loss recorded between Jan. 1 and March 18, when the market value of his stake dipped from R414.21 million ($22.08 million) to R357.41 million ($19.05 million).
FirstRand share up by over 11 percent
FirstRand, renowned for its diverse financial services portfolio encompassing FNB, RMB, WesBank, and Aldermore, maintains active operations not only in South Africa but also in the UK and regional markets across Sub-Saharan Africa. With its established presence, the group has solidified its position as a major player in the industry.
The lender’s shares have experienced a notable increase in recent times, rising 11.62 percent from R59.13 ($3.199) on April 17 to R66 ($3.57) and propelling its market capitalization above $20 billion.
FirstRand investment pushes Pullinger’s wealth to new heights
Although Pullinger owns just about 0.1 percent of FirstRand — equivalent to 5,634,679 shares — his interest in the leading financial services group places him among the high-value investors on the Johannesburg Stock Exchange.
As a result of the recent surge in the group share price, Pullinger’s stake in FirstRand has increased by R38.71 million ($2.09 million) in the last 22 days, rising from R333.18 million ($18.o3 million) on April 17 to R371.89 million ($20.12 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.
