Key Factors
- Suresh Bhagwanji Shah’s wealth grows by Ksh2.47 billion ($23.27 million) resulting from I&M Group’s robust market efficiency in 2024.
- I&M Group’s inventory value has surged 80.57% this yr, boosting Shah’s stake worth to Ksh5.53 billion ($42.81 million).
- International buyers in I&M Group have seen 119.04% returns, doubling their investments amid favorable macroeconomic situations.
Kenyan businessman Suresh Bhagwanji Shah has solidified his place as one of many nation’s richest bankers, because of a surge available in the market worth of his stake in I&M Group. The lender’s shares have elevated on the Nairobi Securities Exchange (NSE) all through 2024, boosting Shah’s fortune.
Shah, credited with reworking I&M Group into considered one of East Africa’s main banks, holds a ten.58 p.c stake, or 174,947,573 shares. For the reason that begin of the yr, the worth of his stake has risen by Ksh2.47 billion ($23.27 million), boosting his wealth.
Regardless of broader market volatility, I&M Group has confirmed resilient, persistently delivering spectacular returns for buyers. Notably, Shah gained $9.49 million between Aug. 8 and Oct. 24, as the worth of his stake rose from Ksh3.45 billion ($26.72 million) to Ksh4.67 billion ($36.21 million).
I&M Group’s robust rally fuels wealth
I&M Group’s spectacular efficiency is vital to Shah’s rising fortune. The corporate, which operates as a non-operating holding entity, leads monetary operations throughout Kenya, Tanzania, and Rwanda, with a three way partnership in Mauritius.
The group’s inventory value has surged 80.57 p.c year-to-date, climbing from Ksh17.5 ($0.112) in the beginning of 2024 to Ksh31.6 ($0.245) per share. This rally has pushed the corporate’s market cap above $404 million, underpinned by sturdy investor demand and powerful market sentiment.
This has considerably boosted the market worth of Shah’s stake within the firm. His holdings elevated by Ksh2.47 billion ($23.27 million), rising from Ksh3.06 billion ($19.55 million) on Jan. 1 to Ksh5.53 billion ($42.81 million).
I&M Group delivers robust investor returns
I&M Group’s share value has surged 80.57 p.c this yr, making it one of many high performers on the NSE. International buyers have seen even larger positive aspects, with returns of 119.04 p.c, boosted by the strengthening Kenyan shilling.
A $100,000 funding within the firm’s shares initially of the yr has greater than doubled, now value $219,040, pushed by favorable macroeconomic situations and powerful institutional demand.
