DELVE INTO AFRICAN WEALTH
DON'T MISS A BEAT
Subscribe now
Skip to content

Kenyan tycoon Suresh Bhagwanji Shah gains $1.1 million in 19 days

This $1.13-million increase solidifies Shah’s position as one of the richest investors on the Nairobi Securities Exchange.

Suresh Bhagwanji Shah
Suresh Bhagwanji Shah

Table of Contents

Suresh Bhagwanji Shah, the Kenyan banking tycoon and visionary founder of I&M Bank Group, continues to witness remarkable growth in his fortune, driven by a surge in the shares of I&M Bank Group on the Nairobi Securities Exchange.

In the past 19 days, Shah’s stake in I&M Bank has surged by $1.1 million, further cementing his position as not only one of the richest investors on the Nairobi Security Exchange, but as one of the country’s richest individuals.

The recent $1.1-million bump in his fortune adds to the $1.4-million gain he recorded between June 16 and July 15 when the market value of his stake in I&M increased from Ksh3.03 billion ($21.3 million) to Ksh3.23 billion ($22.8 million).

I&M is the Kenya-based non-operating holding company for I&M Bank Limited, founded by shah in 1974, a leading financial services group with active operations in Kenya, Tanzania, and Rwanda, as well as a joint venture in Mauritius.

Shah, who is credited with transforming I&M into one of East Africa’s leading banking groups, owns a beneficial 10.98-percent stake in the top-performing financial services provider, which translates to 178,514,362 ordinary shares.

I&M shares on the local bourse have increased by 4.97 percent, from Ksh18.10 ($0.1268) on July 15 to Ksh19 ($0.1333) at the time of writing this report. This surge has resulted in substantial gains for Suresh Bhagwanji Shah and fellow shareholders within the group.

As a result of the recent surge in the bank’s share price, the market value of Shah’s stake in the group has increased by Ksh160.66 billion ($1.13 million), from Ksh3.23 billion ($22.64 million) on July 15 to Ksh3.39 billion ($23.77 million) at the time of writing.

This $1.13 million increase solidifies Shah’s position not only as one of the richest investors on the Nairobi Securities Exchange but also as one of the most prosperous businessmen in the country.

Latest