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Shah Karim al-Husayni, popularly known as Aga Khan IV, has seen the market value of his stake in Nation Media Group decline by Ksh453.83 million ($4.07 million) in 91 days.
Nation Media Group is the largest independent media house in East and Central Africa with print, broadcast and digital operations that attract and serve audiences in Kenya, Uganda, Tanzania and Rwanda.
Aga Khan IV, who founded the Kenya-based media conglomerate in 1959, holds a substantial 44.7-percent stake in the group through The Aga Khan Fund for Economic Development.
As of press time, Nov. 4, shares in the leading media group were trading at N21.2 ($0.19001) per share, 1.4-percent lower than their opening price of Ksh21.5 ($0.1927) per share this morning.
Since Aug. 5, the group’s stock price has declined from Ksh26.1 ($0.2339) per share to Ksh21.2 ($0.1900) per share, accruing a total loss of 19 percent for shareholders in the past two months despite a triple-digit growth in its earnings in the first half of 2021.
Meanwhile, Aga Khan IV, who holds a substantial stake in the group, has seen the market value of his shares decline by Ksh453.83 million ($4.07 million) in 91 days, as investors booked profits.
Research conducted by Billionaires.Africa revealed that the market value of his position has fallen from Ksh2.42 billion ($21.68 million) on Aug. 5 to Ksh1.96 billion ($17.61 million) as of the time of writing.
His substantial stake in the leading media group makes him one of the wealthiest investors on the Nairobi Stock Exchange.
