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Key Points
- James Mwangi’s stake in Equity Group has dropped by $5.5 million due to a decline in share price over the past 29 days.
- Equity Group’s market capitalization has fallen below $1.2 billion, reflecting a 12.63% drop in share price since July 9.
- Despite recent declines, Equity Group’s NSE performance is up 12.28% this year, with total returns showing a 36.7% gain for investors.
Kenya’s richest banker James Mwangi, the managing director and CEO of Equity Group, has witnessed a significant decline in the market value of his stake in the leading lender in recent times due to a recent drop in its share price on the Nairobi Securities Exchange (NSE).
According to Billionaires.Africa, Mwangi’s stake in Equity Group has plummeted by Ksh709.34 million ($5.50 million) over the past 29 days. This follows a significant decline of $3.38 million between May 22 and June 18. During this period, the market value of Mwangi’s holdings fell from Ksh6.01 billion ($46.73 million) to Ksh5.58 billion ($43.35 million).
Equity Group’s market cap falls below $1.2 billion
Equity Group has emerged as a dominant force in East and Central Africa under the leadership of James Mwangi, the group’s Managing Director and CEO. Mwangi’s strategic vision has fueled the lender’s expansion across the region, with operations now spanning Uganda, Tanzania, South Sudan, Rwanda, and the Democratic Republic of Congo.
The group’s share price on the NSE has tumbled 12.63 percent since July 9, falling from Ksh43.95 ($0.34) to Ksh38.4 ($0.3). This decline has pushed its market capitalization below $1.2 billion, resulting in losses for stakeholders like James Mwangi.
Mwangi’s Equity stake drops $5.5 million amid market decline
Mwangi, recognized as the richest banker in Kenya, owns a 3.38-percent stake in Equity Group, equivalent to 127,809,180 ordinary shares in the prominent financial services conglomerate.
As a result of the double-digit percent slump, the market value of Mwangi’s stake in Equity Group has declined by Ksh709.34 million ($5.5 million) over the past 29 days, declining from Ksh5.62 billion ($43.56 million) on July 9 to Ksh4.91 billion ($38.06 million).
Your Life and Your Money
Equity Group’s year-to-date performance on the NSE is up 12.28 percent, despite recent downturns. The Kenyan shilling’s rise against the U.S. dollar has also benefited shareholders. Investors have seen a total return of 36.7 percent this year. A $100,000 investment at the start of 2024 is now worth about $136,698, resulting in a profit of $36,698.
