Suresh Bhagwanji Shah, a well-known Kenyan businessman, has seen the market value of his holding in I&M fall significantly, following a sharp drop in the financial services group’s shares on the Nairobi Securities Exchange (NSE).
According to research, the market value of Shah’s I&M stock has plummeted by Ksh214.22 million ($1.64 million) in the last 26 days. This decline was fueled by selling pressures on the local exchange, resulting in a dramatic drop in the group’s share price.
I&M is the Kenya-based non-operating holding company of I&M Bank Limited, a significant financial services firm with active activities in Kenya, Tanzania, and Rwanda, as well as a joint venture in Mauritius.
The company renewed its collaboration with Mastercard for another eight years, with the goal of improving Kenya’s digital payments and providing secure experiences for cardholders across the country.
Despite these attempts, I&M Bank’s shares on the Nairobi Securities Exchange have plummeted by 6.3 percent, from Ksh19.05 ($0.146) on April 19 to Ksh17.85 ($0.137), bringing its market capitalization below $230 million and resulting in significant shareholder losses.
Suresh Bhagwanji Shah, known for his key role in converting I&M Bank Group into one of East Africa’s top banking institutions, owns a beneficial 10.98 percent ownership in the financial services provider, which equates to 178,514,362 ordinary shares.
As a result of the financial group’s share price loss, the market value of Shah’s holding in I&M has dropped significantly over the past month, from Ksh3.4 billion ($26.08 million) on April 19 to Ksh3.19 billion ($24.44 million) according to the most recent report.
Despite these financial difficulties, Shah remains one of the most affluent investors on the Nairobi Securities Exchange and an important player in East Africa’s banking industry.