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 a decline in the shares of the leading telecom infrastructure company on the New York Stock Exchange (NYSE).
According to data tracked by Billionaires.Africa, Sam Darwish’s stake in IHS Holdings has declined by $9.63 million over the past 9 days, reflecting a trend of investors trimming down their holdings in the group.
This financial setback comes after a substantial gain of $7.4 million recorded between April 17 and May 1, when the market value of his stake skyrocketed from $43.41 million to $50.81 million.
IHS shares slump, 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.
Over the past 9 days, IHS Holdings shares on the New York Stock Exchange have declined by 17.47 percent, from $3.95 on May 7 to $3.26 at the time of reporting, causing the company’s market capitalization to fall below the $1.1 billion mark. This has resulted in some losses for shareholders.
Sam Darwish’s IHS stake drops below $46 million, losing nearly $10 million in 9 days
Sam Darwish, IHS Towers Holding Chairman and CEO, holds a pivotal role in African telecom. With a substantial 4.17-percent ownership stake, amounting to 13,958,158 ordinary shares, he stands among the foremost figures in the worldwide telecom infrastructure sector.
Since May 7, the market value of Darwish’s stake in the leading telecom infrastructure firm has declined by $9.63 million, dropping from $55.13 million to $45.50 million as of this report. IHS however remains optimistic about achieving its 2024 objectives.
