Kenyan multimillionaire businessman and leading executive James Mwangi’s stake in Kenya’s largest financial services group Equity Group Holdings is now worth Ksh6.8 billion ($59.8 million), according to data tracked by Billionaires.Africa.
Equity Group Holdings Limited is a major financial services conglomerate located in Nairobi, Kenya’s capital and largest city. Under Mwangi’s leadership, the business has expanded to become East and Central Africa’s largest financial services organization.
According to Brand Finance, a London-based brand valuation consultancy firm, it was named the fifth-strongest banking brand in the world as a result of its diverse operations through subsidiaries in Uganda, Tanzania, South Sudan, Rwanda and the Democratic Republic of the Congo, in addition to its Kenyan operations.
Equity Group Holdings made Ksh26.9 billion ($236.7 million) in profit in the first nine months of 2021, as operational efficiency and improvements in its core business drove earnings over the Ksh25-billion ($223.82 million) mark.
Mwangi, who has been the group’s CEO since 2004, holds a significant 3.38-percent stake, totaling 127,809,180 shares, in the leading financial services group.
Mwangi, the bank’s CEO since 2004, owns a substantial 3.38-percent interest in the financial services group, totaling 127,809,180 shares.
As of press time, Feb. 17, shares in the bank were trading at Ksh53.25 ($0.468), unchanged from their opening price on Wed., Feb. 16, as bearish and bullish sentiments, were evenly cleared out in the group shares.
Mwangi’s shareholding is presently valued at Ksh6.8 billion (59.8 million), making him one of the Nairobi Stock Exchange’s wealthiest investors.
The bank’s market capitalization is Ksh201 billion ($1.7 billion), making it the second-most capitalized corporation on Kenya’s stock exchange behind Safaricom, the country’s largest telecom services provider.
Mwangi’s interest has climbed by more than $16.5 million in the last year, due to a 38-percent rise in the value of the shares of Equity Group.
