Tshepo Mahloele trims Capitec stake in $840m share sale

South African billionaire investor Tshepo Mahloele has reduced his indirect holding in Capitec Bank by offloading shares worth over R13.7 billion ($840 million), according to a Johannesburg Stock Exchange disclosure on Friday. The transaction marks one of the most significant stake adjustments by a high-profile local investor in one of South Africa’s most valuable retail banks.

The transaction was carried out through Mahloele’s investment vehicle, Lebashe Investment Group, which previously held a 6.59% indirect stake in Capitec, equivalent to 7,654,840 shares.

Mahloele cuts Capitec stake significantly

Two years ago, Tshepo Mahloele’s indirect exposure was worth around $780 million. This year, 2026, this stake has surged from $1.9 billion to $2 billion.

Following the disposal, Lebashe’s holding has been reduced to 3.85%, or 4,47 million shares (with a current market value of R19.49 billion ($1.19 billion), after the sale of 3.19 million shares. Based on disclosed valuations, the divested stake is estimated at R13.9 billion ($849.2 million), underscoring the scale of the partial exit from a long-standing position.

The Johannesburg Stock Exchange filing did not disclose the timing of the transaction or identify the counterparties involved in the trade.

Rebalancing a long-held banking position

Capitec Bank remains one of South Africa’s most valuable listed lenders, with a large retail footprint and millions of customers across the country. Its steady earnings growth and dominant position in unsecured retail lending have made it a core holding for institutional and empowerment-linked investors.

Through Lebashe, Mahloele has been associated with Capitec’s Black economic empowerment-linked shareholder base for years, with the position contributing meaningfully to long-term portfolio returns. The latest transaction points to a partial realization of value after an extended holding period, while still maintaining significant exposure to the lender.

Even after the sale, Mahloele retains a 3.85% stake worth nearly $1.2 billion, signaling continued confidence in the bank’s longer-term trajectory.

Market timing and investor positioning

The move comes as South African banking stocks remain sensitive to interest rate expectations, liquidity dynamics, and shifting investor appetite for emerging-market financials.

Mahloele, known for long-duration and infrastructure-focused investing, has not publicly commented on the share disposal.

Note: This decision to offloads 3.85% Capitec shares, through his investment vehicle, Lebashe came more than six months after the retirement of Capitec’s long-time CEO Gerrie Fourie, who retired last year, in August. Read more here