Following a total loss of more than $38 million from his stake in I&M Group in 2021, Kenyan businessman Suresh Bhagwanji Shah has seen the market value of his stake decline by millions of dollars since the start of 2022.
According to data obtained by Billionaires.Africa, the market value of Shah’s stake in I&M Group has declined by Ksh580.2 million ($5.01 million) in the past 37 days, as shareholders reduce stakes in the group.
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.
Shah, who is credited with transforming I&M Group into a leading commercial banking group in East Africa, owns a beneficial 10.98-percent stake in the company, which translates to 178,514,362 ordinary shares.
Since March 24, the market value of his 10.98-percent stake has dropped by Ksh580.2 million ($5.01 million), falling from Ksh3.83 billion ($33.04 million) to Ksh3.25 billion ($28.03 million) at the time of writing.
The increase in the market value of his stake can be attributed to a 15.2-percent drop in the leading banking group’s share price from Ksh21.45 ($0.185) on March 24 to Ksh18.2 ($0.157) at the time of writing.
I&M Holdings, Kenya’s sixth-largest financial services group by assets, is expanding its reach and operations across Africa through acquisitions in Ethiopia, Zambia and the Democratic Republic of the Congo.
In 2021, the group delivered consistent growth in its financial results, increasing profit by three percent from Ksh8.4 billion ($72.5 million) to Ksh8.6 billion ($74.2 million), driven by increases in customer deposits and loans, as well as continued investment in digital banking infrastructure, positioning the group to achieve its steady growth trajectory.
