U.S.-Nigerian telecom magnate Sam Darwish, the co-founder of IHS Holdings has suffered a notable financial setback from his stake in IHS Towers, as the shares of the telecom infrastructure company declined by nearly 10 percent on the New York Stock Exchange.
According to data tracked by Billionaire.Africa, the market value of Darwish’s stake in IHS Holding has plunged by $4.33 million over the past 24 days, as investors book profit from their stake in the telecom infrastructure company.
IHS shares slump by 9.84 percent, market cap falls below $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.
Over the past 24 days, IHS shares on the New York Stock Exchange have declined by 9.84 percent, falling from $3.15 on Feb. 19 to $2.84 at the time of writing, thus leading to significant losses for its shareholders, including the affluent telecom magnate.
Sam Darwish’s IHS stake drops below $40 million, losing over $16 million in 24 days
Darwish, the chairman and CEO of IHS, ranks among the top players in the African telecom industry. He holds a substantial 4.17 percent ownership stake in IHS Holding, amounting to 13,958,158 ordinary shares.
Since Feb. 19, the recent plunge in the share price of IHS Holdings has caused Sam Darwish’s stake in the telecom infrastructure company to decline by $4.33 million from $43.97 million on Feb. 19 to $39.64 million as of this report.
Despite a recent downturn, he remains a top figure in the global telecom industry. His leadership in the company’s strategic expansion of its tower assets has reinforced his status as a key player in the global telecom infrastructure sector.
