Suresh Bhagwanji Shah, the Kenyan banking tycoon and visionary founder of I&M Bank Group, continues to witness remarkable growth in his fortune, driven by a surge in the shares of I&M Bank Group on the Nairobi Securities Exchange.
In the past 19 days, Shah’s stake in I&M Bank has surged by $1.1 million, further cementing his position as not only one of the richest investors on the Nairobi Security Exchange, but as one of the country’s richest individuals.
The recent $1.1-million bump in his fortune adds to the $1.4-million gain he recorded between June 16 and July 15 when the market value of his stake in I&M increased from Ksh3.03 billion ($21.3 million) to Ksh3.23 billion ($22.8 million).
I&M is the Kenya-based non-operating holding company for I&M Bank Limited, founded by shah in 1974, a leading financial services group with active operations in Kenya, Tanzania, and Rwanda, as well as a joint venture in Mauritius.
Shah, who is credited with transforming I&M into one of East Africa’s leading banking groups, owns a beneficial 10.98-percent stake in the top-performing financial services provider, which translates to 178,514,362 ordinary shares.
I&M shares on the local bourse have increased by 4.97 percent, from Ksh18.10 ($0.1268) on July 15 to Ksh19 ($0.1333) at the time of writing this report. This surge has resulted in substantial gains for Suresh Bhagwanji Shah and fellow shareholders within the group.
As a result of the recent surge in the bank’s share price, the market value of Shah’s stake in the group has increased by Ksh160.66 billion ($1.13 million), from Ksh3.23 billion ($22.64 million) on July 15 to Ksh3.39 billion ($23.77 million) at the time of writing.
This $1.13 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.
