Since the start of the year, Sam Darwish, the U.S.-Nigerian telecom tycoon and co-founder of IHS Holdings, has seen a notable drop in the value of his stake in the telecom infrastructure group. He currently owns a 4.17 percent stake in IHS Holdings, equivalent to 13,958,158 shares.Â
As of Jan. 1, 2024, stock market data tracked by Billionaires.Africa shows a $6-million decrease in Darwish’s stake, largely attributed to the continuous decline in IHS Holdings’ shares on the New York Stock Exchange.
IHS Holdings shares dip by 9.35 percent, market cap slumps below $1.4 million
Founded in 2001 by Darwish, IHS Holdings has solidified its position as the largest telecom infrastructure group in Africa, Europe, Latin America, and the Middle East. Based on tower count, it also ranks globally as the third-largest independent multinational tower company.
Since the start of the year, IHS Holdings shares on the NYSE have experienced a significant decrease of 9.35 percent, declining from $4.60 on Jan. 1 to $4.17 at the time of drafting this report, thus pushing the group’s market capitalization below $1.4 billion.
Darwish’s IHS Holding stake declines below $60 million due to market fluctuation
Since the beginning of the year, the market value of Darwish’s stake in the leading telecom infrastructure firm has decreased by $6 million, dropping from $64.2 million on Jan. 1 to $58.2 million as of this report.Â
Despite this decline, Darwish remains a prominent figure in the telecom industry. IHS Holdings, despite recent financial challenges, maintains a positive outlook on achieving its 2024 goals.
The company has proposed enhanced commercial terms to MTN Nigeria for leasing 2,500 towers, originally awarded to American Tower Corporation (ATC). This strategic move aims to prevent potential network disruptions in Nigeria, establishing IHS Holdings as a key player in the global telecom infrastructure sector.
