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The Uganda Securities Exchange (USE) has witnessed a significant 25.55-percent decline in its All Share Index since the beginning of 2023, with a current market capitalization standing at Ush15.68 trillion (equivalent to $4.17 billion).
This downturn signals a bearish market sentiment as investors are divesting from their positions in locally listed companies.
Within the current financial landscape, while some investors have experienced notable reductions in the overall value of their investment portfolios, notable figures like Ibrahim Kironde Kabanda, a former chairman of the Uganda Revenue Authority, and Sudhir Ruparelia, one of East Africa’s richest men, have seen substantial increases in the value of their portfolios.
Billionaires.Africa presents its ranking of the most affluent investors on the USE. The data utilized for this analysis is sourced from our data provider, S&P Global Market Intelligence, in addition to publicly available documents and disclosures.
The valuation of their shares is determined by the closing prices as of Nov. 7, with the valuations converted to U.S. dollars based on prevailing exchange rates.
Billionaires.Africa focuses on individual ownership rather than multi-generational family wealth. In cases where the distribution of ownership among siblings or couples is unclear, we attribute the fortune to the most prominent and visible member of the family.
Here are the seven individuals who presently hold the most valuable portfolios on the USE:
- Charles Mbire
– Net worth on the USE: $40.73 million
– Holdings: MTN Uganda
– Charles Mbire is a prominent Ugandan tycoon who currently serves as the chairman of MTN Uganda, a major player in the mobile telecom industry. His holdings in the company amount to a four-percent ownership stake, equivalent to 895,906,433 ordinary shares, with an estimated value of $40.73 million.
- Sudhir Ruparelia
– Net worth on the USE: $5.05 million
– Holdings: Stanbic Uganda, Bank of Baroda, DFCU Bank, NIC Holdings
– Sudhir Ruparelia is one of East Africa’s wealthiest individuals and holds the position of chairman at Ruparelia Group, a conglomerate involved in diverse sectors including hotels, real estate development, floriculture, and broadcasting. His holdings on the Uganda Securities Exchange include 0.73 percent in Stanbic Bank Uganda (374,125,000 ordinary shares) valued at $3.18 million, a 2.5-percent stake in Bank of Baroda (Uganda) (375,000,000 ordinary shares) valued at $1.50 million, a 0.29-percent stake in DFCU Bank (2,165,333 ordinary shares) valued at $129,543.42, and a 6.96-percent ownership in NIC Holdings (147,320,000 ordinary shares), an insurance company valued at $235,028.80.
- Ibrahim Kironde Kabanda
– Net worth on the USE: $2.31 million
– Holdings: Stanbic Uganda
– Ibrahim Kironde Kabanda, a former chairman of the Uganda Revenue Authority, possesses a 0.53-percent stake in Stanbic Uganda, equivalent to 271,625,000 ordinary shares, valued at $2,311,148.48.
- Emmanuel Katongole
– Net worth on the USE: $1.9 million
– Holdings: Cipla Quality Chemical Industries
– Emmanuel Katongole is the founder of Quality Chemical Industries, a prominent pharmaceutical manufacturing company in Uganda. In 2015, Cipla of India acquired a controlling 51-percent stake in the business, renaming it Cipla Quality Chemical Industries (CQCIL). CQCIL specializes in manufacturing triple-therapy antiretroviral, double-therapy antimalarial, and generic Hepatitis-B medicines, including Texavir and Zentair. Katongole still retains a 2.79-percent stake, equivalent to 102,034,285 ordinary shares, valued at $1.9 million.
- Frederick Kitaka
– Net worth on the USE: $1.9 million
– Holdings: Cipla Quality Chemical Industries
– Frederick Kitaka is one of the co-founders of Cipla Quality Chemical Industries and maintains a 2.79-percent ownership in the company.
- George Baguma
– Net worth on the USE: $1.9 million
– Holdings: Cipla Quality Chemical Industries
– George Baguma, also a co-founder of Cipla Quality Chemical Industries, presently serves as the chief commercial officer and marketing director at the company. He holds a 2.79-percent share in the company.
- Tonny Murungi
– Net worth on the USE: $478,635
– Holdings: MTN Uganda
– Tonny Mpuuga Murungi owns a 0.047-percent stake in MTN Uganda, equivalent to 10,526,900 ordinary shares, with a total estimated value of $478,635.31.
