Kenyan multimillionaire businessman Suresh Bhagwanji Shah has experienced a significant decline in the market value of his stake in I&M Bank Group, as the shares of the financial services group experienced a significant decline on the Nairobi Securities Exchange.
According to data tracked by Billionaires.Africa, the market value of Shah’s stake in I&M has dipped by Ksh276.69 million ($1.8 million) in the past 61 days, mirroring the drop in I&M’s stock price amid heightened selling pressures on the exchange.
This follows the previous $1.2-million loss he recorded between Aug. 4 and Sept. 3, when the market value of his stake in I&M Bank Group slumped from Ksh3.39 billion ($23.29 million) to Ksh3.22 billion ($22.13 million).
I&M is the Kenya-based non-operating holding company for I&M Bank Limited, founded by Shah in 1974, a leading financial services group with active operations in Kenya, Tanzania, and Rwanda, as well as a joint venture in Mauritius.
Shah, 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.
Over the past 61 days, I&M Bank’s shares on the Nairobi Securities Exchange have experienced a decline of 8.59 percent, falling from Ksh18.05 ($0.1197) on Sept. 1 to Ksh16.50 ($0.1094) at the time of drafting this report.
As a result of the slump in the lender’s shares, the market value of Shah’s stake in I&M Bank has fallen by Ksh276.69 million ($1.8 million) over the past 61 days from Ksh3.22 billion ($21.36 million) on Sept. 1 to Ksh2.95 billion ($19.53 million) at the time of drafting this report.