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Kenyan banking magnate Jimnah Mbaru has lost nearly $3 million loss since the start of the year from his stake in Britam Holdings, a Kenya-based diversified financial services group, as the group’s valuation continued to fall due to a persistent sell-off among investors.
Mbaru, the chairman of Dyer and Blair Investment Bank and a seasoned investment banker, owns a substantial 7.72-percent stake in Britam Holdings, or 194,800,100 ordinary shares.
According to data tracked by Billionaires.Africa, the market value of Mbaru’s stake in Britam has plummeted by Ksh358.43 million ($2.94 million) since the start of the year, owing to a double-digit reduction in its share price on the Nairobi Securities Exchange.
Britam Holdings is a leading diversified financial services group with operations throughout Southern and East Africa. Among its core financial services are insurance, asset management, banking, and real estate.
As of press time on Nov. 14, the group’s shares on the local market were trading at Ksh5.66 ($0.0464) per share, 105 basis points lower than their starting price this morning on the local bourse, as investors continued to reduce their positions in the firm.
At the current price level, Britam is the 16th most valuable company on the Nairobi Securities Exchange, with a market value of Ksh14.3 billion, representing about 0.718 percent of the total market capitalization of the Nairobi Securities Exchange.
Since the year began, its shares have declined by more than 24 percent from a price of Ksh7.5 ($0.0615) on January 1 to Ksh5.66 ($0.0464) at the time of drafting this report.
As a result of the decline in Britam’s valuation, the market value of Mbaru’s stake in the Kenya-based diversified financial services group has declined by Ksh358.43 million ($2.94 million), from Ksh1.46 billion ($11.98 million) on Jan. 1 to Ksh1.1 billion ($9.04 million).
