Kenyan banking magnate Gideon Muriuki has seen the market value of his stake in Co-op Bank slump below the $10-million mark due to a recent $1.4-million plunge in his shares in the Nairobi-based financial services group.
Data gathered by Billionaires.Africa revealed that Muriuki’s stake in Coop Bank of Kenya has decreased by Ksh205.57 million ($1.43 million) since April 26 as investors on the local bourse continue to reduce their stakes in the Nairobi-based lender, thus pushing the market value of his stake below $10 million.
Co-operative Bank Group is one of the largest financial institutions in East Africa. Its subsidiaries include Kingdom Securities Limited, Co-optrust Investment Services Limited, Co-operative Consultancy & Insurance Agency Limited, Kingdom Bank Limited, and Co-operative Bank of South Sudan.
The leading financial services group has implemented the cooperative model to revolutionize the banking experience in East Africa, leveraging innovative financial solutions to drive social and economic transformation across a broad range of operations.
Muriuki, who sits at the helm of Co-op Bank and ranks as one of Kenya’s leading investors, holds a significant stake of two percent in the leading financial services group. This translates to 117,471,300 ordinary shares in the Nairobi-based lender.
Since April 26, Co-op Bank shares on the Nairobi Securities Exchange have declined by 13.1 percent, falling from Ksh13.35 ($0.09258) to Ksh11.60 ($0.0804) at the time of drafting this report, as investors trimmed down their holdings in the financial services group, pushing its market capitalization further below the $500 million mark.
As a result of the double-digit percent slump in the group’s share price, the market value of the stake held by the Kenyan banking magnate has slumped by Ksh205.57 million ($1.43 million) in the past 113 days from Ksh1.57 billion ($10.88 million) on April 26 to Ksh 1.36 billion ($9.45 million) at the time of writing.
Despite his stake in the Nairobi-based lender now worth less than $10 million, Muriuki still remains not only one of the richest investors on the Nairobi Stock Exchange but also one of the country’s richest businessmen.
