Shah Karim al-Husayni, also known as Aga Khan IV, has incurred a substantial loss of $3 million from his stake in Jubilee Holdings, a Kenyan investment holding company and leading insurer. This loss comes as shares in the group slump by single digits due to recent sell-offs.
Data gathered by Billionaires.Africa revealed that Aga Khan IV’s stake in Jubilee Holdings has declined by Ksh467.4 million ($3.2 million) over the past 23 days, as investors on the Nairobi Stock Exchange reduced their stakes in Jubilee Holdings.
Jubilee Holdings is a Kenyan investment holding company and leading insurer that underwrites non-life insurance risks such as death, disability, health, property, and liability. With active operations and investments in Kenya, Uganda, Tanzania, Burundi, and Mauritius.
Shah Karim al-Husayni, also known as Aga Khan IV, is best known for founding Nation Media Group, East Africa’s largest independent media organization. He owns a significant stake in the Kenyan investment holding company.
Through the Aga Khan Fund for Economic Development, Aga Khan IV owns 37.98 percent, or 27,494,108 ordinary shares, of Jubilee Holdings and 11.85 percent of its Mauritian subsidiary.
In recent times, the share price of Jubilee Holdings on the Nairobi Securities Exchange has declined by 8.98 percent since Aug. 8, falling from Ksh189.25 ($1.3) to Ksh172.25 ($1.18) at the time of writing.
This single digit percent slump in Jubilee Holdings shares comes as investors on the Nairobi Stock Exchange trimmed down their holdings in the Nairobi-based insurer, further pushing its market capitalization below $90 million.
As a result of the decrease in Jubilee’s shares, the market value of Aga Khan IV’s stake in the leading insurer has slumped by Ksh467.4 million ($3.2 million), falling from Ksh5.2 billion ($35.8 million) on August 8 to Ksh4.7 billion ($32.6 million) at the time of writing.