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Mauritian Ah Chuen family earns $3.86 million from ABC Banking Corp in 149 days

The gains came off the back of a double-digit rise in the bank’s share price on the Mauritian bourse.

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ABC Group Founder Jean Etienne Moilin Ah Chuen.

The Mauritius-based Ah-Chuen family has earned MUR163.49 million ($3.86 million) from ABC Banking Corporation in about 149 days.

The $3.86-million gain accrued from the Ah Chuen family’s stake in the Mauritius-based bank came off the back of a double-digit rise in the bank’s share price on the Mauritian bourse.

In recent times, the bank’s shares increased from MUR15 ($0.3536) reported on March 17 to MUR16.50 ($0.3889) as of press time, 6:00 PM (UTC), Aug. 13.

This translates to a gain of 10 percent for shareholders in the past 149 days.

According to research conducted by Billionaires.Africa, the market value of the family’s 14.29-percent ownership interest in ABC Banking Corporation increased from MUR1.634 billion ($38.54 million) to MUR1.798 billion ($42.40 million) between March 17 and Aug. 13.

This led to a gain of MUR163.49 million ($3.86 million) for the Mauritian family in 149 days.

Like the Lagasse family, the Ah Chuen family played a critical role in developing Mauritius through the establishment of ABC Group by Jean Etienne Moilin Ah Chuen in 1931.

Moilin Ah Chuen grew the ABC brand name, “Au Bazar Central” (At the Central Market), from a store at Port Louis in 1931, and left his children a blueprint for leading the group.

Since 1931, the store has evolved into a leading group that currently holds key investments in the financial services and automotive industries through its subsidiaries.

ABC Banking Corporation, which forms part of the ABC Group, is a licensed bank in Mauritius that offers a comprehensive range of traditional and innovative products and services that cover deposits, lending, trade-finance, cards, leasing and treasury products.

The Ah Chuen family holds a 14.29-percent ownership interest in the bank, which is valued at MUR1.798 billion ($42.40 million).

East Africa

Kenyan multimillionaire banker James Mwangi loses nearly $5 million in 56 days as Equity Group shares retreat from 21-month high

Equity Group Holdings Limited is a leading financial services holding based in Nairobi.

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Kenyan multimillionaire banker James Mwangi.

Kenyan multimillionaire businessman James Mwangi has seen the market value of his stake in Equity Group Holdings decline by Ksh550 million ($4.96 million) in the past 56 days, as shares in the Kenya-based group retreated from a record 21-month high.

Equity Group Holdings Limited is a leading financial services holding headquartered in Nairobi, the capital and largest city of Kenya.

Under the leadership of Mwangi, the holding has grown into one of the largest financial services groups in East Africa, operating through its subsidiaries in Uganda, Tanzania, South Sudan, Rwanda and the Democratic Republic of Congo, in addition to its Kenyan operations.

As of press time, Oct. 22, shares in the Kenya-based financial services group were trading at KSh49.95 ($0.451) per share, 91-basis points higher than its opening price this morning.

In recent times, Equity Group has lost nearly eight percent of its market capitalization on the Nairobi bourse, as investors book profits after the share price surged to a record 21-month high of Ksh54.25 ($0.489) on Aug. 27.

Since Aug. 27, the group’s share price has declined from a price of Ksh54.25 ($0.489) to KSh49.95 ($0.451) as of the time of writing, accruing a loss of 7.5-percent for shareholders and insiders, such as Mwangi, who hold stakes in the financial services group.

As a result of the decline in the group’s share price, the market value of Mwangi’s stake has declined from Ksh6.93 billion ($62.55 million) to Ksh6.38 billion ($57.6 billion) between Aug. 27 and Oct. 22.

This translates to a loss of Ksh550 million ($4.96 million) for the multimillionaire banker in 56 days.

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East Africa

Kenyan mogul Julius Mwale offers $20 million to farmers to restore activity at Mumias Sugar

The funds will be used to kickstart sugarcane cultivation and sugar production.

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Kenyan mogul Julius Mwale.

Kenyan tech tycoon and Mwale Medical and Technology City (MMTC) owner Julius Mwale has offered Ksh2.2 billion ($20 million) to farmers in an effort to restore sugarcane farming.

According to recent reports, Mwale said the funds will be used to provide farmers with capital to kickstart sugarcane cultivation and sugar production, and to boost the industry at large.

The capital commitment follows his successful Ksh27.6-billion ($249.31 million) bid made through his Tumaz & Tumaz Enterprise as part of a leasing tender to take control of Mumias Sugar over a 15-year period.

Mwale, who received a $200-million (Sh22.1 billion) loan commitment from a leading U.S. bank to strengthen his chances of taking home the lease, placed the highest bid from among eight bidders looking to assume control of the company, according to the receiver-manager, Ponangipali Rao.

His $249.31-million bid was higher than the Ksh8.4 billion ($75.9 million) that Devki Group owner Narendra Raval offered to take control of Mumias and the KSh3.5 billion ($31.61 million) that Kenyan businessman Jaswant Rai offered through his company, Rai Group.

Mwale’s $20-million commitment is expected to go to farmers who abandoned the Mumias plantation after the sugar-production company ran into a financial crisis three years ago.

In addition, Mwale disclosed that a sum of KSh2.2 billion ($20 million), Ksh887 million ($8 million) and Ksh221 million ($2 million) will be allocated, respectively, to revive two ethanol plants owned by the company, its power generation unit and its water-bottling plant.

Mwale also plans to allocate Sh2.2 billion ($20 million) each to build an airport, an agricultural research university, a sugar tourist resort, a housing project and a hospital at the Mumias complex.

Mwale is the president and CEO of SBA Technologies, a New York-based company founded in 2003.

He is also the lead investor in MMTC, a $2-billion community-owned sustainable metropolis with an extensive medical and technology complex that contains a shopping and residential unit, a golf resort and a convention center.

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East Africa

Ethiopian billionaire Mohammed Al-Amoudi gains $360 million in 21 days after losing $530 million between July and September

His $7.2-billion fortune is derived from closely held companies such as Preem, Svenska Petroleum and Midroc Europe.

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Ethiopian billionaire Mohammed Al-Amoudi.

Ethiopia-born billionaire Mohammed Al-Amoudi has recorded a $360-million boost in his net worth in the past 21 days after his wealth fell by $530 million between July and September.

The billionaire, whose real-time fortune of $7.2 billion is derived from closely held companies such as Svenska Petroleum, Midroc Europe (a construction and property group) and Preem (his most valuable asset), has seen his net worth increase by 5.26 percent since Sept. 29.

Data retrieved from the Bloomberg Billionaires Index revealed that his net worth has increased from $6.84 billion on Sept. 29 to $7.20 as of the time of writing, Oct. 21, owing to an increase in the valuation of his assets across Sweden, Saudi Arabia and Ethiopia.

This translates to a net worth gain of $360 million for the billionaire in the past 21 days.

Between July 28 and Sept. 29, his net worth fell from a valuation of $7.37 billion to $6.84 billion.

The recent increase in his net worth is linked to a revaluation of his equity interest in companies, and specifically his ownership interest in Svenska and Preem, the largest fuel company in Sweden, with an annual refining capacity of more than 18 million cubic meters of crude oil.

Recently, Pyrocell, a Preem subsidiary, announced that a biofuel plant producing pyrolysis is under way. This is in line with the group’s commitment to achieving large-scale renewables production.

The plant, which is located in Gavle, Sweden, will produce around 25,000 tonnes of non-fossil pyrolysis per year, which equates to the annual fuel consumption of 15,000 passenger vehicles.

Al-Amoudi’s net worth of $7.20 billion makes him the 387th richest man in the world behind U.S. businessman and investor Tom Gores, who is $20-million richer.

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