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Equity Group’s total assets rose to Ksh1.69 trillion ($12.91 billion) by the end of the quarter, a 10.46-percent rise from Ksh1.53 trillion ($11.69 billion) a year ago
Equity Group’s share price on the NSE has declined by 5.63 percent, dropping from Ksh44.4 ($0.3377) on Apr. 18 to Ksh41.9 ($0.3187) at the time of this update.
Mwangi, Kenya’s richest banker, holds a 3.38-percent stake in Equity Group. This equates to 127,809,180 ordinary shares.
The recent gain not only reinforces Mwangi’s standing as one of the top investors on the NSE but also strengthens his position as Kenya’s wealthiest banker.
The expansion follows a successful foray into life insurance in 2022 and subsequent approval from the Insurance Regulatory Authority (IRA) in May 2023 to establish a general insurance company.
Mwangi’s stake in Equity Group has hit the $30-million milestone.
Equity Group envisions expanding opportunities for wealth creation while upholding the highest standards of service excellence, innovation, and financial inclusion.
Mwangi owns a 3.38-percent stake in Equity Group, or 127,809,180 ordinary shares.
The move aligns with its strategy to bolster earnings and revenue by expanding its reach across East Africa.
Mwangi credited the growing influence of Equity Group’s subsidiaries, especially the DRC unit, for the overall performance of the group in the first nine months of 2023.
Mwangi, the managing director and CEO of Equity Group, shared details of this ambitious plan during a recent interview in Kenya.
Equity Group has become a dominant force in East and Central Africa under the leadership of Mwangi, who owns 3.38 percent of the group.
Equity Group has become a dominant force in East and Central Africa under the leadership of Mwangi, who owns 3.38 percent of the group.
This marks the latest chapter in Munga’s ongoing struggle with debt, which has seen him narrowly escape property auctions in the past.
Under the visionary leadership of Mwangi, Equity Group has emerged as a dominant force in East and Central Africa.
Equity Group has become a dominant force in East and Central Africa under Mwangi, who owns 3.38 percent of the group.