PH
Kenyan multimillionaire banker James Mwangi, managing director and CEO of Equity Group Holdings Plc, has seen the market value of his shareholding in the institution fall following a recent share price dip on the Nairobi Securities Exchange (NSE).
Mwangi’s Equity Group shareholding has dropped by Ksh434.55 million ($3.28 million) in the last 14 days, echoing the conglomerate’s steep drop in share price on the NSE.
The recent drop follows a significant increase of Ksh511.24 million ($3.89 million) from March 19 and April 2. During that time, the market value of Mwangi’s stock increased from Ksh5.5 billion ($41.87 million) to Ksh6.01 billion ($45.76 million).
Equity Group has evolved as a major force in East and Central Africa under the leadership of James Mwangi, the company’s Managing Director and CEO. Mwangi’s strategic vision has propelled the lender’s expansion throughout the region, with operations operating in Uganda, Tanzania, South Sudan, Rwanda, and the Democratic Republic of Congo.
The group’s share price on the NSE has dropped 7.09 percent since April 3, from Ksh47.95 ($0.363) to Ksh44.55 ($0.337). This fall has pushed Equity Group’s market value below $1.3 billion, resulting in losses for stakeholders such as James Mwangi, the CEO.
Kenya’s richest banker, James Mwangi, owns a 3.38 percent interest in Equity Group. This equals 127,809,180 ordinary shares.
Mwangi’s investment has lost Ksh434.55 million ($3.28 million) in market value as Equity Group’s share price has fallen. As of April 2, his holding was worth Ksh6.13 billion ($46.33 million). At the time of writing, it was Ksh5.69 billion ($43.04 million), a reduction of Ksh434.55 million ($3.28 million).
Despite his decline, Mwangi remains a major player on the Nairobi Securities Exchange and one of Kenya’s wealthiest individuals.
