Kenyan investment banker Jimnah Mbaru has gained $2.3 million (Ksh 250 million) from his stake in Britam Holding Plc in 94 days.
The gains came off the back of a double-digit increase in the shares of the diversified financial services group, as value investors acquire stakes in the group in line with its plans to expand operations by offering new products and looking at potential new markets.
The recent rise in Britam’s shares defies bearish sentiment resulting from the $90-million (Ksh9.7 billion) loss that the group declared at the end of its 2020 financial year.
Business Daily reported Britam’s CEO Tavaziva Madzinga as saying that as part of its growth strategy the group will also consider opportunities for expansion with potential mergers and acquisitions going forward.
Britam is a leading diversified financial services group in Kenya, with an operational footprint through its subsidiaries in Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique and Malawi.
Mbaru is a multimillionaire banker. He contested to become governor of Nairobi, but lost to Evans Kidero in 2013. He is the single largest individual shareholder in Britam, with an equity stake of 194,800,100 shares in the financial services group.
Shares in Britam have increased by nearly 19 percent since early May, returning nearly double-digit gains for shareholders.
Data retrieved from the Nairobi Stock Exchange revealed that the group’s shares have increased from Ksh6.74 ($0.0621) at the closing of the bourse on April 30 to Ksh8.02 ($0.0737) as of press time, 12:25 PM (UTC), Aug. 2.
The market value of Mbaru’s 194.8 million shares in Britam has increased from Ksh1.31 billion ($12.10 million) to Ksh1.56 billion ($14.40 million) between April 30 and Aug. 2.
Research conducted by Billionaires.Africa revealed that the multimillionaire investor has gained Ksh250 million ($2.30 million) in 94 days.