Aga Khan IV takes $3.5-million hit from stake in Nairobi-based insurer Jubilee

Mfonobong Nsehe -

Shah Karim al-Husayni, also known as Aga Khan IV, has experienced a substantial decline in his fortune amounting to millions of dollars from his stake in Jubilee Holdings, a Kenyan investment holding company and leading insurer.

According to data tracked by Billionaires.Africa, Aga Khan IV’s stake in Jubilee Holdings has declined by Ksh474.87 million ($3.52 million) over the past 10 days, mirroring a sharp drop in the share price of the Nairobi-based insurer.

The downturn follows a notable surge of Ksh481.15 million ($3.63 million) recorded between March 19 and 29, when the market value of his stake climbed from Ksh4.95 billion ($37.32 million) to Ksh5.43 billion ($40.95 million).

Jubilee’s market cap slumps below $100 million

Founded in Mombasa as the region’s first insurer, Jubilee Holdings has grown into East Africa’s leading insurance provider. With more than 1.9 million clients, it is the largest composite insurer in the region, boasting operations across Kenya, Uganda, Tanzania, Burundi, and Mauritius.

The group’s share price on the Nairobi Securities Exchange (NSE) has declined 8.63 percent since April 16, falling from Ksh200 ($1.482) to Ksh182.75 ($1.354). This downturn has pushed its market capitalization below the $100 million mark, resulting in losses for stakeholders like Aga Khan IV.

Aga Khan IV’s Jubilee stake takes $3.5-million hit

Shah Karim al-Husayni, also known as Aga Khan IV, is best known for founding Nation Media Group, East Africa’s largest independent media organization. Through the Aga Khan Fund for Economic Development, he owns 37.98 percent, or 27,528,739 ordinary shares, of Jubilee Holdings and 11.85 percent of its Mauritian subsidiary.

As a result of the recent decline in Jubilee’s shares, the market value of Aga Khan IV’s stake has declined by Ksh474.87 million ($3.52 million). As of April 16, his stake was valued at Ksh5.51 billion ($40.78 million). At the time of writing, it stands at Ksh5.03 billion ($37.27 million).