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The 20 richest people on the Dar es Salaam Stock Exchange

The richest Tanzanian investors on the bourse have amassed a total wealth of $81.77 million.

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Tanzanian businessman Aunali Rajabali.

The richest Tanzanian investors on the Dar es Salaam bourse have amassed a total wealth of $81.77 million, according to data gathered at the end of trading on Aug. 20.

This is far lower than the wealth local individual investors in other African countries have in listed companies across the continent.

For a country with a 58-million population and a GDP of $62.41 billion, the Dar es Salaam Stock Exchange has a market capitalization of $7.14 billion, making it one of the most undervalued stock exchanges on the continent.

With about 29 listed entities and a market capitalization of TSh16.557 trillion ($7.14 billion), individual investors in the country control a marginal percentage of the bourse’s market capitalization, while foreign institutional investors hold substantial stakes in the listed companies on the local bourse.

Based on figures derived from investment agencies, the latest annual reports and confirmations from capital market registrars, these are the 20 richest people who own stocks listed on the Dar es Salaam bourse.

The value of their shares is based on prices at the end of trading on Aug. 20, and valuations are converted to U.S. dollars at current exchange rates.

#1 Aunali Rajabali

Net worth on the DSE: $16,990,102

Holdings: NMB Bank, CRDB, Dar es Salaam Stock Exchange

The Tanzanian tycoon is the founder of Plasco Tanzania, a manufacturer of HDPE and UPVC pipes and fittings. Aunali and his brother, Sajjad Rajabali, are the largest investors on the Dar es Salaam Stock Exchange. They each own a 2.5-percent stake in NMB Bank and 1.28 percent of CRDB. They also each own a 4.81-percent stake in the Dar es Salaam Stock Exchange.

#2 Sajjad Rajabali

Net worth on the DSE: $16,990,102

Holdings: NMB Bank, CRDB, Dar es Salaam Stock Exchange

#3 Michael N. Shirima

Net worth on the DSE: $12,241,679

Holdings: Precision Air Services, TOL Gases

Tanzanian entrepreneur Michael Shirima is the founder of Precision Air Services, a Tanzanian airline that operates within East Africa. He owns a 42.91-percent stake in the company, as well as a 2.92-percent stake in TOL Gases, a producer and distributor of gases for the industrial and medical segment in Tanzania.

#4 Patrick Schegg

Net worth on the DSE: $10,909,888

Holdings: CRDB, NMB Bank

Patrick Schegg, a former Hedge fund manager, owns 1.94 percent of CRDB and a 0.99-percent stake in NMB Bank.

#5 Ernest Massawe

Net worth on the DSE: $5,131,528

Holdings: Swala Oil and Gas, TOL Gases

Ernest Massawe is the founder and former managing partner of what is now EY Tanzania and former chairman of the Tanzania Association of Accountants. He is also one of the savviest investors on the DSE. His holdings include an 8.69-percent stake in Swala Oil and Gas, which he owns through Erncon Holdings, his family office. Swala is an oil and gas exploration company with assets in Tanzania and Burundi. Massawe also owns a 25.59-percent stake in TOL Gases.

#6 Hans Aingaya Macha

Net worth on the DSE: $3,758,003

Holdings: 1.25-percent stake in CRDB; 1.78-percent in Maendeleo Bank

#7 Mehar Virdi 

Net worth on the DSE: $2,846,058

Holdings: 0.97-percent stake in CRDB

#8 Murtaza Nasser

Net worth on the DSE: $2,716,691

Holdings: 0.9-percent stake in Tanzania Portland Cement Company

#9 Sayed Kadri

Net worth on the DSE: $1,768,005

Holdings: 0.59-percent stake in Tanzania Portland Cement Company

#10 Said Bakhresa

Net worth on the DSE: $1,552,395

Holdings: 0.51-percent stake in Tanzania Portland Cement Company

Tanzanian billionaire Said Bakhresa is one of Africa’s richest men, with a fortune estimated at more than $1 billion. He is the founder of Bakhresa Group, a behemoth conglomerate with activities in food processing, energy, transportation and port services. On the DSE, he owns a 0.51-percent shareholding in Tanzania Portland Cement Company – a stake worth $1.5 million.

#11 Neil Taylor

Net worth on the DSE: $1,379,906

Holdings: Swala Oil and Gas

Neil Taylor works as an exploration director at Swala Oil and Gas. He owns a 6.05-percent stake in the company.

#12 David Ridge

Net worth on the DSE: $1,034,930

Holdings: 4.69-percent stake in Swala Oil and Gas

#13 Michele De Mestres

Net worth on the DSE: $1,034,930

Holdings: 4.69-percent stake in Swala Oil and Gas worth $1,034,930

#14 Arnold Kilewo

Net worth on the DSE: $866,919

Holdings: TOL Gases, Tanzanian Breweries

A former managing director of TOL Gases, Arnold Kilewo retains a 5.41-percent stake in the company, as well as a 0.013-percent shareholding in Tanzanian Breweries.

#15 Harold Temu

Net worth on the DSE: $752,437

Holdings: 4.36-percent stake in TOL Gases and 0.86-percent in Swala Oil and Gas

#16 Godfrey Urasa

Net worth on the DSE: $560,587

Holdings: 4.55-percent stake in TOL Gases

#17 Ameir Nahdi

Net worth on the DSE: $530,116

Holdings: 2.51-percent stake in Swala Oil and Gas

#18 Boniface Muhegi

 Net worth on the DSE:  $251,315

Holdings: 0.086-percent stake in CRDB Bank

#19 William Lyakurwa

Net worth on the DSE:  $237,134

Holdings: William Lyakurwa owns 1.91-percent of TOL Gases.

#20 Joseph Machange

Net worth on the DSE:  $222,038

 Holdings: 1.79-percent of TOL Gases

Mfonobong Nsehe contributed to this report. Send comments to news@billionaires.africa.

East Africa

Ugandan tycoon Charles Mbire to pocket $1.15-million interim dividend from MTN Uganda

Mbire owns a significant 3.98-percent stake in the Ugandan telecom outfit.

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Charles Mbire.

Ugandan multimillionaire businessman Charles Mbire is on track to receive an interim dividend of Ush4.48 billion ($1.155 million) from his stake in MTN Uganda after the telecom group reported a double-digit percent increase in earnings in the first half of 2022.

MTN Uganda is Uganda’s leading telecom service operator.

Mbire, the chairman of MTN Uganda and one of Uganda’s wealthiest businessmen, owns a significant 3.98-percent stake in the Ugandan telecom outfit, which operates as the fourth operating subsidiary of the South African multinational mobile telecom company, MTN Group.

The interim dividend will be paid electronically into his bank account at a later date from the group’s retained earnings of Ush902 billion ($232.4 million) at the end of its 2022 fiscal year. It is his first dividend from the telecom company since its shares were listed more than eight months ago.

The dividend payment follows a significant rise in the group’s earnings in the first half of 2022 despite a 4.9-percent decline in voice revenue, as it looks set to replicate its stellar performance in 2021.

As a result of the company’s strong financial performance, the board of directors approved the payment of an interim dividend of Ush5 ($0.00128) per share for the six months ending June 30, totaling Ush11.95 billion ($28.9 million), which is subject to withholding taxes.

According to data retrieved from the company’s earnings report for the first six months of 2022, its profit increased by 48.1 percent to Ush193.6 billion ($50.2 million) in the first half of 2022, compared to Ush130.7 billion ($33.7 million) in the first half of 2021.

The double-digit increase in profit can be attributed to a 10-percent surge in the company’s service revenue, which was driven by a significant increase in data and fintech revenue, which were more than sufficient to offset the 4.9-percent decline in voice revenue.

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East Africa

Led by Kenyan founder Owen Sakawa, AI-powered startup Elloe acquires Flo by Saada

Elloe was founded in 2021 by Sakawa, Abhijay Rao, and Aaron Madolora.

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Owen Sakawa.

Elloe, a U.S.-based conversational commerce startup led by Kenyan tech entrepreneur Owen Sakawa, has acquired Flo by Saada nearly three months after raising more than $1 million in a pre-seed funding round led by institutional investors.

Flo by Saada is a Kenyan social commerce startup founded by Gerishon Mwaniki.

The acquisition of the startup, which launched in 2019 to enable small and medium enterprises to build solutions and process payments through USSD and programmable SMS, was completed for an undisclosed fee.

Through the acquisition, Elloe will be able to accelerate its next phase of growth by scaling operations for its corporate clients and expanding its footprint beyond its current operations in Kenya and the Philippines.

Commenting on the transaction in a press release obtained by Billionaires.Africa, Elloe CEO and Founder Owen Sakawa said: “The addition of Flo by Saada technology is a natural extension of Elloe’s offerings and fits perfectly into Elloe’s strategy. It transforms customer interactions from simple communications to conversations across the entire spectrum of customer engagement points.”

He added that Elloe will be better positioned to meet customers’ evolving needs in the future as it continues to provide businesses with embedded commerce capabilities to simplify the way that they serve, connect with, and sell to their own customers from anywhere, on any channel.

Elloe was founded in 2021 by Sakawa, Abhijay Rao, and Aaron Madolora as a first-of-its-kind AI-powered, conversational commerce platform that allows small and medium enterprises to buy and sell products online across messaging platforms such as WhatsApp, Facebook Messenger, and Instagram.

With its proprietary technology that assists small businesses in managing their digital sales and customer service through an omnichannel platform that runs on messaging apps, the startup hopes to capitalize on opportunities in the $35-billion conversational commerce market, which has the potential to reach $130 billion by 2025 in emerging markets.

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East Africa

Controlled by Kenyan tycoons, Britam Holdings hints at sale of HF Group stake

Britam has classified its 48.2-percent stake in HF Group as held for sale.

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Peter Munga.

Britam Holdings has announced that it is reviewing a transaction that could result in the sale of all or a portion of its stake in HF Group, a Nairobi-based financial services group with interests in mortgage lending, corporate, and retail banking.

Britam is a diversified investment group and a leading insurer in East Africa.

Kenyan business leaders like Jimnah Mbaru, Peter Munga, James Mwangi, and Jane Wanjiru Michuki have significant shareholdings in the group.

In its 2021 annual report, the group classified its 48.2-percent stake in HF Group as held for sale, stating that it has hired a transaction advisor to engage potential buyers and other viable options within the current fiscal period.

“The directors approved the appointment of a transaction advisor to engage various interested parties with a viable option expected to be realized within the next twelve months,” the group stated.

The move represents a strategic turning point for the group, which is reorganizing its executive structure and reviewing its investments in financial services providers to diversify its portfolio and comply with regulatory guidelines limiting investments in a bank to 10 percent of an insurer’s total assets.

Britam’s latest disclosure comes four months after it completed the sale of a 6.7-percent stake in Kenya’s largest commercial bank Equity Group to the International Finance Corporation for Ksh14 billion ($121 million).

The management also stated that options for its stake in HF Group include reaching out to strategic partners who have the capacity to accelerate and support the process of turning HF Group around as it prepares to transition into mainstream banking.

These other options may assist Britam Group in realizing optimal value from its investment when compared to a full or partial divestment as it prepares to reduce its exposure to publicly traded companies. The position aligns with the group’s new strategy to minimize investment earnings volatility to the point where it has no impact on the group’s overall financial performance.

Since the start of the year, Britam’s shares have decreased in value by more than 20 percent, from Ksh7.5 ($0.063) to Ksh5.94 ($0.0498), resulting in losses of millions of dollars for Mbaru, Munga, Mwangi, and Michuki.

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