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Ghanaian businessman Joseph Agyepong loses $224,000 as Access Bank Ghana stock loses one-fifth of its value in 2021

Access Bank Ghana is a full-service commercial bank in Ghana, licensed by the Bank of Ghana.

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Ghanaian businessman Joseph Agyepong.

Ghanaian businessman and Founder of Jospong Group Joseph Agyepong has suffered a loss of $224,000 (GH₵1.35 million) from his stake in Access Bank Ghana, as shares in the bank lost one-fifth of their value since the start of the year.

Access Bank Ghana Plc, formerly Access Bank Ghana Limited, is a full-service commercial bank in Ghana, licensed by the Bank of Ghana.

The bank operates as a subsidiary and component of Access Bank Group, a financial services conglomerate based in Lagos, Nigeria, offering universal banking services to institutional, corporate, commercial and retail customers across Ghana.

As of press time, 11:10 AM (UTC), Sept. 17, the bank’s shares on the Ghana Stock Exchange were trading at GH₵3.49 ($0.5784) per share, giving the bank a market capitalization of GH₵607.0 million ($100.5 million).

The stock price of Access Bank Ghana declined from GH₵4.39 ($0.728) per share on Jan. 4 to GH₵3.49 ($0.578) on Sept. 17 since the year began.

The downward price trend in the bank’s stock in 2021 resulted in a 21-percent loss for shareholders.

Agyepong, the founder of Jospong Group, one of the most diversified holdings companies in Ghana with operations in other countries in Africa and Asia, holds a beneficial stake of 0.9-percent in Access Bank Ghana.

The market value of his stake has declined from GH₵6.59 million ($1.10 million) on Jan. 4 to GH₵5.24 million ($866,000) at the time of writing.

This translates to a loss of $224,000 for the businessman since the start of this year.

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Led by South African Mouton family, PSG embarks on strategic restructuring

The South African Mouton family owns 24.5 percent of the company.

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Piet Mouton.

PSG Group, a South African investment holding founded and led by the Mouton family, has begun restructuring its business.

At the investment holding’s general meeting on Aug. 10, more than 95 percent of shareholders voted in favor of the company’s strategic restructuring, unbundling its stakes in the listed subsidiaries that it owns and delisting from the Johannesburg Stock Exchange.

As part of the restructuring, the group will unbundle its stake in subsidiaries such as PSG Konsult, Curro, Kaap Agri, and CA&S, as well as its 25.1-percent stake in Stadio, a tertiary education company.

Shareholders will not receive unbundled shares in these subsidiaries, and there will be no scheme consideration in the group.

PSG Group is a South African investment holding company, with positions in banking, education, finance, and consumer goods.

The South African Mouton family owns 24.5 percent of the company, which includes stakes held by family members like Petrus and Johannes Mouton, who serve as executives in the group.

The restructuring comes after years of attempting to close the gap between the holding’s JSE share price and its intrinsic worth, which management believes is far greater than its local exchange valuation.

The average discount between PSG and the firms in which it holds stakes is more than 40 percent, which can be attributed to investors preferring to invest directly in operating companies rather than through a holding corporation.

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African-American billionaire Oprah Winfrey files lawsuit against creators of ‘Oprahdemics’ podcast

As the “Queen of Talk,” Winfrey has built a thriving media empire that includes Harpo Productions.

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Oprah Winfrey.

Oprah Winfrey, a well-known African-American billionaire and talkshow host, has filed a lawsuit against the creators of the “Oprahdemics” podcast through her company, Harpo Productions, claiming that the program misleads the public into believing she sponsored or approved it.

According to Reuters, Winfrey, the wealthiest Black woman in the United States and one of the world’s richest Black billionaires, stated that she is neither seeking profit nor damages from the creators of “Oprahdemics,” and she is not attempting to halt the podcast.

She demanded that the podcast’s name be changed because its live events dilute Harpo’s “Oprah” and “O” trademarks and that the use of the word capitalizes on the goodwill that she has spent decades building, a move she said could cause irreparable harm to Harpo’s reputation.

Many consider Winfrey, who turned her hit talk show, “The Oprah Winfrey Show,” which aired for 25 years, into a media and business empire, to be an institution.

Winfrey returned to the small screen in 2020 on Apple TV+ for an interview show about COVID-19 as part of a multiyear deal with the streamer.

Since the start of the year, her net worth has declined from $2.6 billion to $2.5 billion at the time of writing this report, resulting in a total loss of $100 million for the leading businesswoman.

As the “Queen of Talk,” Winfrey has built a thriving media empire that includes Harpo Productions, which has worked on films like “The Color Purple,” “Beloved,” and “Selma.”

She also has a 25.5-percent stake in the Oprah Winfrey Network, the cable channel that she launched in 2011, and a seven-percent stake in Weight Watchers, a global company that provides weight loss and maintenance services, which is presently worth $492 million.

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These are the four African billionaires whose net worth has increased since start of 2022

Among them are Africa’s richest man Aliko Dangote and Egypt’s wealthiest man Nassef Sawiris.

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Nassef Sawiris.

Only four of the 21 African businessmen on our radar with a net worth of $1 billion or more have seen their fortunes improve since the beginning of the year.

Among them are Africa’s richest man Aliko Dangote and Egypt’s wealthiest man Nassef Sawiris.

The recent surge in the shares of companies in their portfolios has resulted in a combined wealth increase of nearly $2 billion for these four African billionaires since the start of the year.

According to data compiled by Billionaires.Africa, this is how they stand at the moment.

#1 Aliko Dangote

Net worth: $19.8 billion

Year-to-date wealth gains: $670 million

Nationality: Nigerian

Aliko Dangote, the chairman of Dangote Industries Limited, Africa’s most diversified manufacturing conglomerate, has seen his net worth rise by more than $670 million this year, from $19.1 billion at the start of the year to $19.8 billion at the time of writing.

The increase in his net worth can be attributed to a bump in the market value of his 86-percent stake in Dangote Cement Plc, which accounts for $9.06 billion of his $19.8-billion fortune.

Since the year began, shares in Dangote Cement, Africa’s largest cement manufacturer, have increased from N257 ($0.614) per share to N265 ($0.633) per share.

Earlier this week, the company’s share price plummeted to N241 ($0.57) per share, resulting in a staggering $863-million loss for the billionaire in a single day.

However, renewed buying interest among investors on Wednesday saw the billionaire recoup part of the wealth loss and net a year-to-date wealth gain of $670 million.

#2 Nassef Sawiris

Net worth: $7.16 billion

Year-to-date wealth gains: $670 million

Nationality: Egyptian

Egypt’s richest man Nassef Sawiris, a scion of Egypt’s wealthiest family, is one of the four African billionaires who have seen significant increases in their net worth since the beginning of the year.

The leading billionaire, who serves on the boards of Adidas and OCI N.V., a global nitrogen product manufacturer and distributor, has seen his net worth rise by $659 million since the beginning of this year, from $6.5 billion to $7.16 billion at the time of writing this report.

The majority of his fortune stems from his 38.8-percent stake in the Netherlands-based OCI N.V., which is worth $2.52 billion, and his six-percent stake in Adidas, which is worth $2.13 billion.

#3 Abdul Samad Rabiu

Net worth: $5.8 billion

Year-to-date wealth gains: $400 million

Nationality: Nigerian

Thanks to the listing of BUA Foods Plc, Abdul Samad Rabiu, the founder of BUA Group, one of Africa’s fastest-growing conglomerates, has seen positive wealth gains this year.

The market value of his stake in his newly consolidated food conglomerate, which went public on Jan. 5, offset the decline in the market value of his stake in his cement business, BUA Cement Plc, as its share price fell from N71.95 ($0.17) to N58.8 ($0.14) at the time of writing this report.

His net worth has risen by $400 million since the start of the year, from $5.4 billion to $5.8 billion.

#4 Nicky Oppenheimer

Net worth: $8.20 billion

Year-to-date wealth gains: $250 million

Nationality: South African

South Africa’s second-richest man Nicky Oppenheimer, who previously ran the diamond mining firm DeBeers before selling it to Anglo-American a decade ago, has seen his wealth rise by $250 million this year, from $7.95 billion to $8.2 billion, thanks to the revaluation of his private equity investments.

Oppenheimer, who is Africa’s third-richest man and South Africa’s second-wealthiest man, invests the majority of his net worth in private equity in Africa, Asia, the United States, and Europe through London-based Stockdale Street and Johannesburg-based Tana Africa Capital.

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