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U.S.-Nigerian telecom tycoon Sam Darwish has suffered a significant financial setback in his stake in IHS Holdings amidst a recent downturn in the shares of the leading telecom infrastructure company on the New York Stock Exchange (NYSE).
Data compiled by Billionaires.Africa reveals a noteworthy decline in the market value of Sam Darwish’s stake in IHS Holdings, plunging by $6 million over the past 13 days. This decrease underscores rising selling pressure among investors on the NYSE.
The slump follows a remarkable gain of $14 million recorded between March 12 and 30, as the market value of Darwish’s stake in IHS Holdings skyrocketed from $35.17 million to $49.27 million.
Recent performance of IHS Holdings
Founded in 2001 by Darwish, IHS Holdings has emerged as the largest telecom infrastructure group in Africa, Europe, Latin America, and the Middle East. Renowned for its extensive tower count, it ranks as the third-largest independent multinational tower company globally.
Over the last 13 days, IHS Holdings shares on the NYSE have plummeted by 11.72 percent, nosediving from $3.67 on April 3 to $3.24 at the time of this report. Consequently, the company’s market capitalization has dipped below $1.1 billion, leading to substantial losses for shareholders.
Darwish’s stake in IHS declines
As the chairman and CEO of IHS Holdings, Sam Darwish commands a pivotal position in African telecom. Holding a significant 4.17-percent ownership stake, equivalent to 13,958,158 ordinary shares, he ranks as one of the leading players in the global telecom infrastructure sector.
The recent double-digit decline in IHS Holdings shares has led to a $6-million decline in the market value of Darwish’s stake in the leading telecom infrastructure giant. His stake has fallen from $51.23 million on April 3 to $45.22 million.
Despite this setback, Darwish maintains a prominent position within the global telecom industry. The expansive tower network and strategic acquisitions spearheaded by IHS Holdings have solidified its standing as a key player in the global telecom infrastructure sector.
