Kenyan multimillionaire businessman Peter Munga, famend as one of many richest traders on the Nairobi Securities Change, has skilled a major decline available in the market worth of his stake in Britam Holdings over the previous nineteen weeks.
In response to information compiled by Billionaires. Africa, Peter Munga’s stake in Britam Holdings, a distinguished monetary companies group primarily based in Nairobi, the capital metropolis of Kenya, has slumped by Ksh90.72 million ($1 million).
This decline comes amid a sustained sell-off on the native bourse, which has impacted the group’s share worth and its valuation in comparison with different publicly listed monetary companies teams in Kenya.
Britam Holdings, a diversified monetary companies conglomerate, boasts a roster of distinguished Kenyan enterprise folks as its shareholders, together with Peter Munga, Jimnah Mbaru, James Mwangi, Benson Wairegi, and Jane Wanjiru Michuki.
The group operates actively in a number of international locations, corresponding to Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique, and Malawi, with major monetary companies choices together with insurance coverage, asset administration, banking, and actual property.
Peter Munga, a non-executive director at Britam and a co-founder and former chairman of Fairness Group Holdings, holds a considerable 72 million shares in Britam Holdings, making him one of many firm’s largest shareholders.
Over the previous nineteen weeks since January 13, Munga, who’s thought to be one of many wealthiest enterprise folks within the nation, has witnessed the market worth of his 72 million Britam shares plummet by Ksh90.72 million ($1 million), from Ksh400.32 million ($3.24 million) to Ksh309.6 million ($2.237 million) as of Might 29.
Britam Holdings, presently ranked because the 18th most beneficial firm on the Nairobi Securities Change with a market capitalization of Ksh10.5 billion, has skilled a staggering 22.66 p.c decline in its share worth from Ksh5.56 ($0.0451) on January 13 to Ksh4.3 ($0.0311) on the time of drafting this report.
This downward development has resulted in vital losses amounting to thousands and thousands of {dollars} for shareholders like Peter Munga, Jimnah Mbaru, James Mwangi, and others invested within the group.
