Kenyan tycoon Jimnah Mbaru has seen a significant decrease in net worth over the past 38 days due to the decline in the market value of his stake in Britam Holdings, a Kenya-based diversified financial services group.
According to data tracked by Billionaires.Africa, Mbaru, the chairman of Dyer and Blair Investment Bank, has seen the market value of his stake in Britam decline by Ksh149.5 million ($1 million) in the last 38 days, as investors on the local bourse reduce their stake in the group.
This downturn follows a gain of $1 million between May 8 and July 21. During this period, Mbaru’s stake in Britam Holdings surged from Ksh526.5 million ($3.7 million) on May 8 to Ksh 673.4 million ($4.7 million) on July 21.
Britam Holdings boasts an extensive presence in the region, with active operations through its subsidiaries in Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique, and Malawi. Its market capitalization currently stands at Ksh11.2 billion ($75.1 million), securing its position as the 18th most valuable company on the Nairobi Securities Exchange.
As a non-executive director on Britam Holdings’ board, Mbaru holds a beneficial stake of 5.15 percent, comprising 130,000,000 shares in the company after strategically selling off 64.8 million in Britam Holdings, capitalizing on the increased share value.
Britam shares on the Nairobi Securities Exchange have fallen by more than 20 percent in the last 38 days, from Ksh5.60 ($0.0375) on Sept. 5 to Ksh4.45 ($0.0298) at the time of writing this report, costing shareholders such as Mbaru millions of dollars.
Due to the double-digit decline in share price, Mbaru’s stake in the diversified financial services group has dropped by Ksh149.5 million ($1 million) in the last 38 days, falling from Ksh728 million ($4.9 million) on Sept. 5 to Ksh578.5 million ($3.9 million) at the time of writing.
Despite the decline in the market value of his stake, Mbaru retains his position as one of the richest investors on the Nairobi Securities Exchange and one of the wealthiest businessmen in Kenya.
