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James Mwangi, a prominent Kenyan multimillionaire businessman and leading banking executive, has experienced substantial gains from his stake in Equity Group Holdings.
Over the past 18 days, Mwangi’s stake in the Nairobi-based financial services conglomerate has increased in value by Ksh971.35 million ($7.28 million) due to the sustained growth of the company’s share price on the Nairobi Securities Exchange.
Equity Group Holdings is a leading financial services conglomerate headquartered in Nairobi, the capital and largest city of Kenya.
In addition to its Kenyan operations, it has subsidiaries in Uganda, Tanzania, South Sudan, Rwanda, and the Democratic Republic of the Congo.
Mwangi, a significant shareholder with a 3.38-percent stake in the Kenyan lender, has played a pivotal role in the expansion of Equity Group, which has now become the largest financial services group in East and Central Africa.
Since March 23, the company’s share price has risen by 20.05 percent from Ksh37.9 ($0.284) to Ksh45.5 ($0.341) at the time of drafting this report.
The surge has propelled the bank’s market capitalization closer to the $1.3-billion mark.
As a result, Mwangi, a significant shareholder in the company with a 3.38-percent stake, has seen the market value of his shares increase by Ksh971.35 million ($7.28 million) from March 23 to April 10, climbing from Ksh4.84 billion ($36.3 million) to Ksh5.82 billion ($43.59 million).
Additionally, Mwangi is set to receive Ksh510.4 million ($3.87 million) in dividends from Equity Group Holdings, further adding to his impressive gains.
The sizeable payout represents a significant portion of the Ksh15.1 billion ($114.57 million) approved by the lender’s board of directors. In local currency terms, Mwangi’s expected dividend represents a 33-percent increase from his payout of Ksh382 million ($2.85 million) last year.
Even after accounting for the depreciation of the Kenyan shilling, Mwangi’s expected dividend is still $3.87 million, indicating a 15-percent increase from the $3.35 million that he received in 2020.
The payout is scheduled to be deposited into Mwangi’s bank account on June 30.
