Kenyan tycoon Jimnah Mbaru has experienced a significant decline in his net worth over the last seven months due to the decrease in the market value of his stake in Britam Holdings, a Kenya-based diversified financial services group.
According to data tracked by Billionaires.Africa, Mbaru, the chairman of Dyer and Blair Investment Bank, has faced a decline of over $3.2 million in the market value of his Britam stake in the last seven months.
The decline is mainly attributed to the double-digit drop in Britam’s shares on the Nairobi Securities Exchange as investors on the local bourse continue to reduce their stake in the group.
Britam Holdings is a diversified financial services group that operates in several countries, including Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique, and Malawi.
The company’s primary financial services include insurance, asset management, banking, and real estate.
Mbaru, a seasoned investment banker who ranks as one of Kenya’s wealthiest businessmen, holds a 7.72-percent stake in Britam Holdings, comprising of 194,800,100 ordinary shares.
The stake forms a significant portion of his wealth.
Britam shares on the Nairobi Securities Exchange have fallen by more than 32 percent in the past 220 days — over seven months now — from Ksh6.94 ($0.0516) on Sept. 6 to Ksh4.68 ($0.0348) at the time of writing this report, costing shareholders such as Jimnah Mbaru millions of dollars.
Due to the double-digit decline in share price, Mbaru’s stake in the diversified financial services group has dropped by Ksh440.25 million ($3.27 million) over the past seven months.
As of writing this report, his stake is valued at Ksh911.66 million ($6.77 million), down from Ksh1.35 billion ($10.04 million) on September 6.
Despite the decline in the market value of his stake, Mbaru retains his position as one of the richest investors on the Nairobi Securities Exchange, as well as one of the wealthiest businessmen in Kenya.
