Suresh Bhagwanji Shah, Kenyan banking tycoon and founder of I&M Bank Group, continues to make impressive gains as his fortune experiences a substantial boost this year.
Recent data tracked by Billionaires.Africa reveals that Shah’s stake in I&M Bank has surged by over $1.4 million within the past 29 days, attributed to a remarkable upswing in the bank’s shares.
I&M Bank Group, the non-operating holding company for I&M Bank, has been a prominent financial services group in East Africa since its establishment in 1974. Operating actively in Kenya, Tanzania, and Rwanda, the group has also formed a joint venture in Mauritius.
In recent times, the bank’s shares have witnessed an impressive increase of 6.78 percent, rising from Ksh16.95 ($0.1197) to Ksh18.10 ($0.1278). This surge has resulted in substantial gains for Suresh Bhagwanji Shah and fellow shareholders within the group, amounting to millions of dollars.
As a result of the recent increase in the bank’s shares, the market value of Suresh Bhagwanji Shah’s stake in I&M Bank has soared by Ksh205.29 billion ($1.45 million).
Since June 16, the value has increased from Ksh3.03 billion ($21.37 million) to Ksh3.23 billion ($22.82 million) at the time of writing.
This $1.45 million increase solidifies Shah’s position not only as one of the richest investors on the Nairobi Securities Exchange but also as one of the most prosperous businessmen in the country.
Besides his interest in I&M Bank, Shah holds a majority stake in MTZ Holdings, a recently established entity that successfully acquired Nairobi Business Park. This premium grade “A” office complex on Ngong Road in Nairobi, was purchased from NBP Holdings.
