Sam Darwish, the U.S.-Nigerian telecom tycoon and co-founder of IHS Holdings, has experienced a substantial decrease in the market value of his stake in the telecom infrastructure firm over the past four weeks.
Data tracked by Billionaires.Africa revealed that the market value of Darwish’s stake in IHS Holdings has decreased by $17 million over the past four weeks, spurred by the slump in the firm’s shares on the New York Stock Exchange.
This downturn comes on the heels of the $32.38-million loss he suffered between Aug. 25 and Sept. 15, when the market value of his stake in IHS Holdings slumped from $100.08 million to $67.70 million.
Founded in 2001 by Darwish, a leading player in the African telecom industry, IHS has solidified its position as the largest telecom infrastructure group in Africa, Europe, Latin America, and the Middle East.
Based on tower count, the company also ranks globally as the third-largest independent multinational tower company. Darwish holds a substantial 4.17-percent stake in IHS Holdings, amounting to 13,958,158 shares in the group.
Over the past four weeks, IHS shares on the NYSE have experienced a significant decrease of 20.40 percent, falling from $6.03 on Sept. 28 to $4.8 at the time of drafting this report, thus pushing the group’s market capitalization below $1.6 billion.
Consequently, the market value of Darwish’s stake in the leading telecom infrastructure firm has slumped by $17.17 million, declining from $84.17 million as of Sept. 28 to $66.99 million at the time of drafting this report.
Darwish’s significant holdings in the telecom infrastructure firm position him as a key figure in the sector, and his ability to adapt to changing market conditions will undoubtedly be a subject of interest for industry observers in the coming months.