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Kenyan banking magnate Jimnah Mbaru has seen the market value of his shares in Britam Holdings, a Kenya-based diversified financial services group, fall by more than Ksh370.1 million ($4.04 million) in the past year.
The decline in the market value of his stake can be attributed to the depreciation of the Kenyan shilling against the U.S. dollar, as well as a sustained decline in Britam’s shares 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.
Mbaru, a leading Kenyan businessman who is the chairman of Dyer and Blair Investment Bank, is not only one of the wealthiest investors on the Nairobi Securities Exchange but also one of Kenya’s wealthiest businessmen.
The seasoned investment banker owns a significant 7.72-percent stake in Britam Holdings, an East African financial services and investment group with operations in Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique, and Malawi.
At the time of this report’s draft, Britam was the 18th most valuable company on the Nairobi Securities Exchange, with a market value of Ksh13.5 billion ($109 million), representing about 0.7 percent of the total market capitalization of the Nairobi Securities Exchange.
Shares in the publicly traded financial services group have dropped by more than 26.2 percent in the past year, declining from Ksh7.26 ($0.064) to Ksh5.36 ($0.0432), as investors on the Nairobi Securities Exchange trimmed down their stakes in the leading group.
As a result of the double-digit decline in the shares of Britam Holdings on the local bourse and the depreciation of the Kenyan shilling against the U.S. dollar, the market value of Mbaru’s 7.72-percent stake in the financial services group has declined from Ksh1.41 billion ($12.46 million) on Jan. 20, 2022, to Ksh1.044 billion ($1.86 million) at the time of writing.
This amounts to a total loss of Ksh370.12 million ($4.046 million) for the Kenyan banking magnate in the past year. Despite the decline in the market value of his stake in Britam Holdings, Mbaru remains one of the richest investors on the local bourse.
