Businessman and CEO of Equity Group Holdings James Mwangi has lost $5.4 million (roughly KSh620 million) from his stake at the financial services company since the beginning of the year, billionaires.africa reports.
Dr James Mwangi owns a 3.38 percent stake in Equity Group.
Despite recording a high profit of KSh 350 billion at the end of 2021, shares in the financials services group has fallen by more than 9 percent since the beginning of the year.
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This comes even as investors continue to sell down stakes at East Africa’s largest financial services group.
Shares have dropped 9.38 percent from KSh 52.75 at the start of the year to KSh 47.8 as of April 2022.
As such, Mwangi’s stake has dropped from KSh 6.74 billion at the beginning of the year to KSh 6.11 billion by the time of publishing.
According to the bank’s share price decline, the multimillionaire has suffered a KSh 632.66 million total loss.
At the same time, Equity Group’s profit after tax at the end of 2021 increased by 99 percent from KSh 20.1 billion in 2020 to KSh 40.1 billion.
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In a recently published financial statement, the financial services group attributed the increase to consistent growth in interest and non-interest income and well-executed cost and treasury management strategies.