Kenyan multimillionaire businessman Suresh Bhagwanji Shah, who had recently enjoyed substantial gains, has now found himself among the growing list of African business magnates grappling with substantial losses over the past month.
According to data tracked by Billionaires.Africa, the market value of Shah’s stake in I&M has dropped by Ksh169.6 million ($1.2 million) in the past 30 days, as shares in the Kenya-based financial services group fell by a single digit amid selling pressures on the Nairobi Securities Exchange.
The decrease in Shah’s wealth starkly contrasts with the $1.1-million gain that he enjoyed between July 15 and Aug. 4. During that period, the market value of his stake in I&M Bank Group surged from Ksh3.23 billion ($22.64 million) to Ksh3.39 billion ($23.77 million).
I&M is the Kenya-based non-operating holding company for I&M Bank Limited, founded by Shah in 1974. It maintains active operations in Kenya, Tanzania, and Rwanda and 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 decreased by five percent, from Ksh19.00 ($0.1305) on Aug. 4 to Ksh18.05 ($0.1240). This surge has resulted in substantial losses for Suresh Bhagwanji Shah and fellow shareholders within the group.
For Shah, the adverse market conditions have resulted in a Ksh169.6 million ($1.2 million) decrease in the market value of his stake in I&M Bank Group.
His holdings, which were valued at Ksh3.39 billion ($23.29 million) on Aug. 4, have declined to Ksh3.22 billion ($22.13 million) as of the time of drafting this report.
