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U.S.-Nigerian telecom tycoon, Sam Darwish, the co-founder of IHS Holdings, has suffered a significant decline in his stake in IHS Holdings, driven by the sustained decline in the shares of the leading telecom infrastructure company on the New York Stock Exchange.
According to data tracked by Billionaires.Africa indicates a significant decline of $16.61 million in the market value of Darwish’s stake in IHS Holdings over the past 17 days, reflecting a trend of investors divesting their holdings in the group.
The slump comes on the heels of the $6-million loss he recorded between Jan.1 and Jan.12, when the market value of his stake in IHS Holdings dropped from $64.2 million to $58.2 million.
IHS shares slump by 27.17 percent, market cap falls below $1.1 billion
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 Jan.16, IHS shares on the New York Stock Exchange have decreased by 27.17 percent, falling from $4.38 to $3.19 at the time of reporting, thus pushing its market capitalization below $1.10 billion, leading to significant losses to its shareholders.
Sam Darwish’s IHS stake drops below $45 million, losing over $16 million in 17 days
Darwish, the chairman and CEO of IHS, who ranks as one of the top figures in the African telecom industry, holds a substantial 4.17-percent stake in the group, amounting to 13,958,158 ordinary shares.
In the last 17 days, a double-digit decline in IHS Holdings shares has led to a $16.6-million reduction in Sam Darwish’s stake, dropping from $61.14 million on Jan. 12 to $44.53 million as of this report.
Despite the recent downturn, IHS remains optimistic about achieving its 2024 objectives. The company’s extensive tower network and strategic acquisitions have solidified its position as a major player in the global telecom infrastructure sector. Despite the decline in Darwish’s stake, he remains a top figure in the global telecom industry.
