Tanzanian Rajabali brothers gain $2.72 million from stake in CRDB

Tanzanian multimillionaire brothers Aunali and Sajjad Rajabali are among the top investors on the Dar es Salaam Stock Exchange this year, having achieved significant gains running into millions of dollars through their investments in publicly listed companies.

Similar to the elusive Dar es Salaam-based multimillionaire Hans Macha, who has experienced a substantial increase in his net worth this year, the Rajabali brothers — Aunali and Sajjad Rajabali — have seen a $2.72-million surge in their stake in CRDB Bank since the year began.

CRDB Bank is Tanzania’s biggest commercial bank by assets, with a wide range of operations encompassing corporate banking, retail banking, microfinance, and treasury services. It is followed by NMB Bank Plc, another major player in the country’s financial services industry. As of June 30, the bank’s total assets amounted to Tsh10.25 trillion ($4.4 billion).

The Tanzanian brothers own a combined 2.6-percent stake in the Dar es Salaam-based lender, making them among the top investors on the local exchange.

Since the start of the year, CRDB Bank’s share price has surged by 25 percent, rising from Tsh380 ($0.162) on Jan. 1 to Tsh475 ($$0.203) on April 3, resulting in millions of dollars in gains for its shareholders. The increase has further propelled the bank’s market capitalization beyond the $500-million threshold.

The recent surge in CRDB Bank’s share price has led to a substantial increase in the market value of Aunali and Sajjad Rajabali’s 2.6-percent stake, which has risen from Tsh25.43 billion ($10.87 million) at the start of the year to Tsh31.8 billion ($13.59 million) as of the report’s drafting.

The Tsh6.35-billion ($2.72 million) surge in the brothers’ stake since the start of the year cements their position as some of the wealthiest investors on the Dar es Salaam Stock Exchange.