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Kenyan investment banker Jimnah Mbaru has gained KSH276.6 million ($2.5 million) in the past 151 days from his equity stake in Britam Holdings, a Kenya-based diversified financial services group listed on the Nairobi Stock exchange.
Britam Holdings maintains active operations through its subsidiaries in Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique and Malawi.
Mbaru, who is a non-executive director on the board, holds a beneficial stake of about 195 million shares, amounting to 7.72 percent of the group.
His ownership interest in the Kenya-based group makes him the largest individual shareholder ahead of Benson Wairegi, managing director of Britam Holdings.
The multimillion-dollar gain in Mbaru’s stake can be linked to a surge in the share price between April 30 and Sept. 29, following sustained investor buying interest in the group’s shares on the Nairobi bourse.
As of press time, Sept. 29, Britam’s shares were trading at KSH8.16 ($0.0739), 24-basis points higher than its opening price this month.
Shares in the financial services group have increased from a price of KSH6.74 ($0.0610) per share on May 1 to KSH8.16 ($0.0739) per share as of press time today.
This translates to a gain of 21.1 percent for shareholders in 151 days.
Meanwhile, the market value of Mbaru’s stake has increased from KSH1.31 billion ($11.9 million) on May 1 to KSH1.6 billion ($14.4 million) on Sept. 29.
This translates to a gain of KSH276.6 million ($2.5 million) for the Kenyan investment banker in 151 days.
On Aug. 2, Billionaires.Africa reported that the Kenyan multimillionaire gained a total of $2.3 million (KSH250 million) between April 30 and Aug. 2.
However, fluctuations in Britam shares have pushed his gains up by KSH33.15 million ($300,000) since Aug. 2.
