Aga Khan IV takes $2.5-million hit from stake in Nairobi-based insurer Jubilee

Shah Karim al-Husayni, also known as Aga Khan IV, has witnessed a substantial decline amounting to millions of dollars from his stake in Jubilee Holdings, a Kenyan investment holding company and leading insurer.

Data gathered by Billionaires.Africa revealed that Aga Khan IV’s stake in Jubilee Holdings has declined by Ksh371.17 million ($2.5 million) in the past three weeks, as investors on the Nairobi Securities Exchange trimmed down their stakes in Jubilee Holdings.

This setback follows a period of gains for Aga Khan IV, during which he saw a substantial increase of $4.5 million in his wealth between Aug. 31 and Sept. 18. During this period, the market value of his stake in Jubilee surged from Ksh4.82 billion ($32.78 million) to Ksh5.49 billion ($37.32 million) on Sept. 18.

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. It maintains 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. 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 on the Nairobi Securities Exchange has declined from Ksh199.50 ($.339) on Sept. 18 to Ksh186.00 ($1.249) at the time of writing. The decrease translates to a substantial 6.77-percent loss for the shareholders in the past three weeks.

Consequently, the market value of Aga Khan IV’s stake in Jubilee Holdings has fallen by Ksh371.17 million ($2.5 million), dropping from Ksh5.5 billion ($36.84 million) on September 18 to Ksh5.11 billion ($34.34 million) at the time of this report.