Jimnah Mbaru, a renowned businessman, has recorded a year-to date loss of Ksh. 292.2 million (USD 2.46 Million) from his investment in Britam Holdings, reports billionaires.africa.
Mbaru is the current chairman of Dyer and Blair Investment Bank, with vast experience in investment banking. He owns a 7.72% stake in Britam Holdings, which translates to 194,800,100 ordinary shares.
This is the first time the billionaire investor has made losses at Britam, with the market value of his stake dropping below USD 10 million. This is even as investors continue to reduce their exposure to risky assets, particularly equities, as part of a move to preserve wealth and channel capital into profitable investments.
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Britam Holdings is a diversified financial service and investment group with operations in Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique, and Malawi.
In addition to its broad financial asset holdings, the group offers a variety of financial products and services in insurance, asset management, banking, and property. Its property portfolio includes shopping malls, hospitality, housing, student housing, and offices.
According to data from the Nairobi Securities Exchange, shares in Britam fell from Ksh. 7.5 ($0.0633) on Jan. 1 to Ksh. 6 ($0.0506) on July 21st, a 20% loss for shareholders. As a result, the market value of Mbaru’s 7.7% stake has fallen by Ksh. 292.2 million ($2.46 million) from Ksh. 1.46 billion ($12.32 million) at the start of this year.
Despite the $1-million year-to-date drop in Britam shares, Mbaru remains one of the Nairobi Securities Exchange’s wealthiest investors.
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