Kenyan multimillionaire businessman Peter Munga, one of the wealthiest investors on the Nairobi Securities Exchange, has experienced a significant decline in the market value of his stake in Britam Holdings over the past 19 weeks.
According to data compiled by Billionaires.Africa, Munga’s stake in Britam Holdings, a prominent financial services group based in Nairobi, the capital city of Kenya, has slumped by Ksh90.72 million ($1 million).
This decline comes amid a sustained sell-off on the local bourse, which has impacted the group’s share price and its valuation compared to other publicly listed financial services groups in Kenya.
Britam Holdings, a diversified financial services conglomerate, boasts a roster of prominent Kenyan business people as its shareholders, including Munga, Jimnah Mbaru, James Mwangi, Benson Wairegi, and Jane Wanjiru Michuki.
The group operates actively in multiple countries, such as Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique, and Malawi, with primary financial services offerings including 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, holds a substantial 72 million shares in Britam Holdings, making him one of the company’s largest shareholders.
Over the past nineteen weeks since Jan. 13, Munga, who is regarded as one of the wealthiest business people in the country, has witnessed the market value of his 72 million Britam shares plummet by Ksh90.72 million ($1 million), from Ksh400.32 million ($3.24 million) to Ksh309.6 million ($2.237 million) as of May 29.
Britam Holdings, presently ranked as the 18th most valuable company on the Nairobi Securities Exchange with a market capitalization of Ksh10.5 billion, has experienced a staggering 22.66 percent decline in its share price from Ksh5.56 ($0.0451) on January 13 to Ksh4.3 ($0.0311) at the time of drafting this report.
The downward trend has resulted in significant losses amounting to millions of dollars for shareholders like Munga, Jimnah Mbaru, James Mwangi, and others invested in the group.