Kenyan banking magnate Jimnah Mbaru’s net worth has dropped significantly since the start of the year, as the market value of his investment in Britam Holdings, a Kenya-based diversified financial services group, has fallen by double digits.
According to data obtained by Billionaires.Africa, the Kenyan banking magnate’s stake in Britam has decreased in value by Ksh198.7 million ($1.7 million) since the year began, as shares in the group continue to drop in value.
Britam Holdings is a leading financial services provider with operations throughout Southern and East Africa. Insurance, asset management, banking, and real estate are among its core financial services.
At the time of writing, shares in the financial services provider were worth Ksh6.48 ($0.0554) per share, 31 basis points lower than its opening price on the local bourse this morning.
Mbaru, the chairman of Dyer and Blair Investment Bank and a seasoned investment banker, owns a significant 7.72-percent stake in Britam Holdings, amounting to 194,800,100 ordinary shares.
At the time of writing, the market value of his stake had dropped by Ksh198.7 million ($1.7 million) since the beginning of the year, from Ksh1.46 billion ($12.49 million) to Ksh1.26 billion ($10.79 million).
The drop in the market value of his stake can be attributed to a 13.6-percent decline in the share price of the leading financial services provider, which fell from Ksh7.5 ($0.0641) per share to Ksh6.48 ($0.0553) per share as investors reduced their stakes in the group.
Despite a $1.7-million drop in the market value of his stake, Mbaru remains one of the Nairobi Securities Exchange’s wealthiest investors.