Benson Wairegi, like Peter Munga, a Kenyan businessman who lost more than $1 million on his investment in Britam Holdings, has also lost millions on his share in a Nairobi-based financial services firm.
According to Nairobi Securities Exchange data, the Kenyan entrepreneur who ranks among the country’s wealthiest investors has had his net worth plummet by $2.6 million in the last eight months.
His net worth has declined as a result of persistent selling pressures on the local exchange as well as the depreciation of the Kenyan shilling against the US dollar.
Britam Holdings is a diverse financial services firm with operations in Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique, and Malawi.
Insurance, asset management, banking, and real estate are the core financial services provided by the organization.
Wairegi, who retired from Britam’s board of directors in 2022 after more than four decades with the company, owns a 4.02 percent share in the Kenyan investment holding.
In addition to Wairegi, other Kenyan business heavyweights with significant holdings in the firm include Jimnah Mbaru, James Mwangi, Peter Munga, and Jane Wanjiru Michuki.
The recent reduction in investors’ ownership in Britam Holdings can be ascribed to both the depreciation of the Kenyan shilling and the decline in the company’s shares on the local exchange.
Britam’s shares have declined about 40% in the previous eight months, going from Ksh6.94 ($0.0576) on Sept. 6 to Ksh4.1 ($0.0315), resulting in millions of dollars in financial losses for the company’s owners.
Wairegi’s stake in Britam Holdings has dropped by Ksh268.59 million ($2.65 million) in the last eight months due to the recent drop in the company’s share price, which has dropped from Ksh703.41 million ($5.84 million) on September 6, 2022, to Ksh434.82 million ($3.2 million) at the time of writing this report.