The 20 richest people on the Dar es Salaam Stock Exchange

The richest Tanzanian investors on the Dar es Salaam bourse have amassed a total wealth of $81.77 million, according to data gathered at the end of trading on Aug. 20.

This is far lower than the wealth local individual investors in other African countries have in listed companies across the continent.

For a country with a 58-million population and a GDP of $62.41 billion, the Dar es Salaam Stock Exchange has a market capitalization of $7.14 billion, making it one of the most undervalued stock exchanges on the continent.

With about 29 listed entities and a market capitalization of TSh16.557 trillion ($7.14 billion), individual investors in the country control a marginal percentage of the bourse’s market capitalization, while foreign institutional investors hold substantial stakes in the listed companies on the local bourse.

Based on figures derived from investment agencies, the latest annual reports and confirmations from capital market registrars, these are the 20 richest people who own stocks listed on the Dar es Salaam bourse.

The value of their shares is based on prices at the end of trading on Aug. 20, and valuations are converted to U.S. dollars at current exchange rates.

#1 Aunali Rajabali

Net worth on the DSE: $16,990,102

Holdings: NMB Bank, CRDB, Dar es Salaam Stock Exchange

The Tanzanian tycoon is the founder of Plasco Tanzania, a manufacturer of HDPE and UPVC pipes and fittings. Aunali and his brother, Sajjad Rajabali, are the largest investors on the Dar es Salaam Stock Exchange. They each own a 2.5-percent stake in NMB Bank and 1.28 percent of CRDB. They also each own a 4.81-percent stake in the Dar es Salaam Stock Exchange.

#2 Sajjad Rajabali

Net worth on the DSE: $16,990,102

Holdings: NMB Bank, CRDB, Dar es Salaam Stock Exchange

#3 Michael N. Shirima

Net worth on the DSE: $12,241,679

Holdings: Precision Air Services, TOL Gases

Tanzanian entrepreneur Michael Shirima is the founder of Precision Air Services, a Tanzanian airline that operates within East Africa. He owns a 42.91-percent stake in the company, as well as a 2.92-percent stake in TOL Gases, a producer and distributor of gases for the industrial and medical segment in Tanzania.

#4 Patrick Schegg

Net worth on the DSE: $10,909,888

Holdings: CRDB, NMB Bank

Patrick Schegg, a former Hedge fund manager, owns 1.94 percent of CRDB and a 0.99-percent stake in NMB Bank.

#5 Ernest Massawe

Net worth on the DSE: $5,131,528

Holdings: Swala Oil and Gas, TOL Gases

Ernest Massawe is the founder and former managing partner of what is now EY Tanzania and former chairman of the Tanzania Association of Accountants. He is also one of the savviest investors on the DSE. His holdings include an 8.69-percent stake in Swala Oil and Gas, which he owns through Erncon Holdings, his family office. Swala is an oil and gas exploration company with assets in Tanzania and Burundi. Massawe also owns a 25.59-percent stake in TOL Gases.

#6 Hans Aingaya Macha

Net worth on the DSE: $3,758,003

Holdings: 1.25-percent stake in CRDB; 1.78-percent in Maendeleo Bank

#7 Mehar Virdi

Net worth on the DSE: $2,846,058

Holdings: 0.97-percent stake in CRDB

#8 Murtaza Nasser

Net worth on the DSE: $2,716,691

Holdings: 0.9-percent stake in Tanzania Portland Cement Company

#9 Sayed Kadri

Net worth on the DSE: $1,768,005

Holdings: 0.59-percent stake in Tanzania Portland Cement Company

#10 Said Bakhresa

Net worth on the DSE: $1,552,395

Holdings: 0.51-percent stake in Tanzania Portland Cement Company

Tanzanian billionaire Said Bakhresa is one of Africa’s richest men, with a fortune estimated at more than $1 billion. He is the founder of Bakhresa Group, a behemoth conglomerate with activities in food processing, energy, transportation and port services. On the DSE, he owns a 0.51-percent shareholding in Tanzania Portland Cement Company – a stake worth $1.5 million.

#11 Neil Taylor

Net worth on the DSE: $1,379,906

Holdings: Swala Oil and Gas

Neil Taylor works as an exploration director at Swala Oil and Gas. He owns a 6.05-percent stake in the company.

#12 David Ridge

Net worth on the DSE: $1,034,930

Holdings: 4.69-percent stake in Swala Oil and Gas

#13 Michele De Mestres

Net worth on the DSE: $1,034,930

Holdings: 4.69-percent stake in Swala Oil and Gas worth $1,034,930

#14 Arnold Kilewo

Net worth on the DSE: $866,919

Holdings: TOL Gases, Tanzanian Breweries

A former managing director of TOL Gases, Arnold Kilewo retains a 5.41-percent stake in the company, as well as a 0.013-percent shareholding in Tanzanian Breweries.

#15 Harold Temu

Net worth on the DSE: $752,437

Holdings: 4.36-percent stake in TOL Gases and 0.86-percent in Swala Oil and Gas

#16 Godfrey Urasa

Net worth on the DSE: $560,587

Holdings: 4.55-percent stake in TOL Gases

#17 Ameir Nahdi

Net worth on the DSE: $530,116

Holdings: 2.51-percent stake in Swala Oil and Gas

#18 Boniface Muhegi

Net worth on the DSE: $251,315

Holdings: 0.086-percent stake in CRDB Bank