Kenyan multimillionaire tycoon Baloobhai Patel has seen the market value of his stake in Absa Bank Kenya Plc (Absa Kenya), slump by more than $1 million since the start of the year due to a combination of factors, including a devaluation of the Kenyan currency and the decline in the shares of the lender on the Nairobi Securities Exchange.
Data gathered by Billionaires.Africa revealed that Patel’s stake in Absa Kenya has decreased by Ksh50.06 million ($1.08 million) since Jan. 1 as investors on the local bourse continue to reduce their stakes in the Kenya-based financial services.
Absa Kenya, formerly known as Barclays Bank Kenya Limited, operates as a subsidiary of South Africa-based financial services group Absa Group. Its core operations encompass retail, corporate, treasury, and card services.
Patel holds a total of 50.06 million shares in Absa Bank Kenya, equivalent to a 0.92-percent stake, indicating his unwavering confidence in the bank’s prospects and potential for growth.
Since the start of the year, Absa Kenya shares on the Nairobi Securities Stock Exchange have slumped by 9.02 percent, declining from Ksh12.20 ($0.08402) on Jan. 1 to Ksh11.20 ($0.07713) at the time of writing, thus leading to losses amounting to millions of dollars for its shareholders.
As a result of the combined impact of a single-digit percent slump in the group’s share price and the impact of currency devaluation, the market value of the stake held by Patel has slumped by Ksh50.06 million ($1.08 million) since the start of the year, falling from Ksh610.73 million ($4.94 million) on Jan. 1 to Ksh560.67 million ($3.86 million) at the time of writing.
As a top figure among Kenya’s multimillionaires, Patel’s strategic investments and enduring commitment to the financial sector remain unwavering, despite share price declines and currency devaluation.
