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 [email protected].
