PH
Kenyan multimillionaire banker James Mwangi, the managing director and CEO of Equity Group Holdings Plc, has seen the market value of his shares in the major lender fall due to a reduction in its stock price on the Nairobi Securities Exchange.
Mwangi’s Equity Group holding has decreased by Ksh319.52 million ($2.43 million) over the last twenty-two days, coinciding with a sharp drop in the conglomerate’s share price on the NSE.
The recent fall followed a significant decline of $3.3 million from April 2 and 17. During this time, the market value of Mwangi’s stock decreased from Ksh6.13 billion ($46.33 million) to Ksh5.69 billion ($43.04 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 fallen by 5.63 percent, from Ksh44.4 ($0.3377) on April 18 to Ksh41.9 ($0.3187) at the time of this report. This reduction has reduced its market capitalization to less than $1.3 billion, resulting in losses for stakeholders such as James Mwangi, Equity Group’s 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 interest in Equity Group has decreased in market value by Ksh 319.52 million ($2.43 million) from Ksh5.68 billion ($43.17 million) to Ksh 5.36 billion ($40.74 million) as of the time of this report.
Despite his decline, Mwangi remains a major player on the Nairobi Securities Exchange and one of Kenya’s wealthiest individuals.
