Kenyan investment banker Jimnah Mbaru’s stake in Britam has dropped in value by KSh 198.7 million since the year began.
This comes at a time when shares in the group continue to drop in value.
At the moment, shares in the financial services group were worth KSh 6.48 per share which is 31 basis points lower than its opening price on the local bourse.
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Mbaru owns 7.72 percent stake in Britam Holdings or 194,800,100 ordinary shares.
The market value of his stake dropped by KSh 198.7 million since the beginning of the year, from KSh 1.46 billion to KSh 1.26 billion.
The drop in the market value of his stake was attributed to a 13.6 percent decline in the share price of the leading financial services provider.
The share price fell from KSh 7.5 per share to KSh 6.48 per share as investors reduced their stakes in the group.
However, despite the loss, Mbaru remains one of the Nairobi Securities Exchange’s wealthiest investors.
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Britam Holding is a leading financial services group with presence in Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique and Malawi.
The company offers a wide range of financial products and services including asset management, life assurance, retirement planning, general insurance, health insurance, banking and property insurance.
The company owns Britam Tower, a 31-storey building located along Hospital Road in Upper Hill, Nairobi which serves as the headquarters for the company.
The tower is known for its prism-like shape and an adjacent 15-storey parking.
Standing at 200m, it is among the tallest building in Kenya.
The tower has wind turbines that generate power for parts of the building which comprises of offices, banking halls, restaurants and retail stores.