Billionaire businessman Jimnah Mbaru has suffered a $3 million (KSh 367 million) from his stake in Britam Holdings.
According to Billionaires Africa, the loss has been largely attributed to persistent sell-off among investors in the financial services group.
Mbaru’s stake in Britam has dropped by KSh 357 million since the beginning of the year. He holds 77.2 percent stake or 194,800,100 ordinary shares.
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On Monday, November 14, Britam’s shares on the local market were trading at KSh 5.66 per share, 105 basis points lower than their starting price on Tuesday, November 15 on the local bourse.
Britam’s shares has dropped from KSh 7.5 on January 1 to KSh 5.66 as of November 14; this has seen Mbaru’s stake declining by KSh 358.43 million.
On January 1, Mbaru’s stake was valued at KSh 1.46 billion but it is currently valued at KSh 1.1 billion.
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.
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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.