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Tanzanian multimillionaires Aunali and Sajjad Rajabali have seen the market value of their joint stake in CRDB Bank Plc fall by Tsh3.01 billion ($1.29 million) in the past 53 days, as shares in the Dar es Salaam-based financial services group fall from record highs.
CRDB Bank is the largest commercial bank in Tanzania in terms of assets, ahead of NMB Bank Plc. The lender has a significant operational footprint in Burundi due to its robust asset portfolio.
As of press time on July 15, shares in the leading banking group were worth Tsh385 ($0.165), unchanged from their opening price on the Dar es Salaam Stock Exchange this morning, as both buying and selling pressures were evenly cleared.
Aunali and Sajjad Rajabali, Tanzanian multimillionaire brothers, own a combined 2.6-percent stake in the Dar es Salaam-based lender. The market value of their joint holdings in the group places them among the top investors on the local bourse.
According to data obtained by Billionaires.Africa, the market value of their stake has dropped by Tsh3.01 billion ($1.29 million) from Tsh28.78 billion ($12.34 million) on May 24 to Tsh25.76 billion ($11.04 million) at the time of writing this report.
The recent decline in the market value of their stake can be attributed to the sudden downturn in CRDB shares from Tsh430 ($0.184) to Tsh385 ($0.165), as investors continued to trim positions in the lender in a strategic move to preserve wealth and channel funds into assets with positive real yields.
The $1.29-million plunge in the market value of their stake comes after their shareholding increased in value by Tsh10.04 billion ($4.31 million) between Jan. 1 and May 23, owing to a 53.6-percent increase in CRDB shares in the first five months of 2022.
