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Kenyan multimillionaire businessman Peter Munga has suffered losses exceeding one million dollars in less than eight months from his investment in Britam Holdings, a diversified financial services group headquartered in Kenya.
According to data tracked by Billionaires.Africa, Munga, the immediate past group chair of Equity Bank Group, Kenya’s leading lender, has seen the market value of his stake in Britam Holdings fall by Ksh199.44 million ($1.46 million) in the last eight months.
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.
Munga, a non-executive director at Britam and a co-founder and former chairman of Equity Group Holdings, owns 72 million Britam shares, making him one of the company’s largest shareholders.
Aside from Munga, other Kenyan business leaders with significant stakes in the group include Jimnah Mbaru, James Mwangi, Benson Wairegi, and Jane Wanjiru Michuki.
Britam’s share price on the Nairobi Securities Exchange has dropped nearly 40 percent in the last eight months, falling from Ksh6.94 ($0.0511) on Sept. 6 to Ksh4.17 ($0.037), resulting in millions of dollars in losses for the company’s shareholders.
At the present price level, the Kenya-based diversified financial services group is the 18th most valuable company on the Nairobi Securities Exchange, with a market value of Ksh10.5 billion ($77.32 million), accounting for approximately 0.621 percent of the Nairobi Securities Exchange’s total market capitalization.
