Renowned Kenyan multimillionaire businessman Suresh Bhagwanji Shah has joined the ranks of African businessmen facing a considerable decline in their net worth recently.Â
According to data tracked by Billionaires.Africa, Shah, a prominent figure in East Africa’s financial services industry, has witnessed the market value of his stake in I&M Bank Group plummet by nearly $5 million over the past month.
I&M Bank Group, which operates as a non-operating holding company for I&M Bank Limited, has been a significant player in Kenya’s financial services sector since its inception in 1974, spearheaded by Shah.
The conglomerate, under the leadership of Suresh Bhagwanji Shah, has expanded its operations across East Africa, serving clients in Tanzania, Rwanda, and Mauritius.
As a pivotal player in I&M Bank Group’s journey, Shah holds a beneficial stake of 10.98 percent, consolidating his position as a major stakeholder in the company. His ownership of 178,514,362 ordinary shares further cements his influence within the banking group.
The past month has brought significant challenges for the shareholders of the financial services conglomerate, as the share price of I&M Bank on the Nairobi Securities Exchange plummeted by 18.57 percent since May 30.
The decline saw the share price fall from Ksh21 (0.149) to Ksh17.1 (0.1216), pushing the market capitalization below the $210 million mark.
For Shah, the adverse market conditions have resulted in a Ksh696.2 million ($4.95 million) decline in the market value of his stake in I&M Bank Group.
His holdings, which were valued at Ksh3.75 billion ($26.66 million) on May 30, have dwindled to Ksh3.05 billion ($21.71 million) as of the time of drafting this report.
Despite the setback, Shah continues to retain his status as one of the wealthiest investors in Kenya and remains among the richest businessmen in the East African region.
