Renowned Kenyan businessman Suresh Bhagwanji Shah has encountered a significant downturn in the market value of his stake in I&M, mirroring a pronounced decline in the financial services group’s shares on the Nairobi Securities Exchange (NSE).
According to data tracked by Billionaires.Africa, the market value of Shah’s stake in I&M has witnessed a staggering slump of Ksh214.22 million ($1.64 million) over the past 26 days. This decline was propelled by selling pressures on the local bourse, which triggered a significant fall in the group’s share price.
I&M Bank’s share price decline
I&M is the Kenya-based non-operating holding company for I&M Bank Limited, a leading financial services group with active operations in Kenya, Tanzania and Rwanda, as well as a joint venture in Mauritius.
Earlier this month, the group extended its strategic partnership with Mastercard for an additional eight years, aiming to bolster Kenya’s digital payments landscape and provide seamless and secure payment experiences to cardholders nationwide.
Despite these efforts, I&M Bank shares on the Nairobi Securities Exchange have experienced a sharp decline, plummeting by 6.3 percent from Ksh19.05 ($0.146) on April 19 to Ksh17.85 ($0.137), dragging its market capitalization below $230 million and resulting in substantial shareholder losses.
Shah’s I&M investment takes $1.64-million hit
Suresh Bhagwanji Shah, renowned for his pivotal role in transforming I&M Bank Group into one of East Africa’s leading banking entities, holds a beneficial 10.98-percent stake in the financial services provider, equivalent to 178,514,362 ordinary shares.
As a consequence of the downturn in the financial group’s shares, the market value of Shah’s stake in I&M has witnessed a significant decline over the past month, dropping from Ksh3.4 billion ($26.08 million) on April 19 to Ksh3.19 billion ($24.44 million) as of the latest report.
Despite these financial setbacks, Shah maintains his position as one of the most affluent investors on the Nairobi Securities Exchange and continues to be a key player in East Africa’s banking industry.
