I&M Group, NSE Price Rally Boost Paper Wealth of Shah Family
A strong share-price rally at the Nairobi Securities Exchange has significantly increased the paper wealth of the Shah family, major shareholders in I&M Group. The bank's performance was bolstered by a 22% rise in net profit and growth in regional operations.
Why it matters
This illustrates the impact of regional banking performance on individual investor wealth and the broader health of the Kenyan stock market.
&title=I%26M%20Group%2C%20NSE%20Price%20Rally%20Boost%20Paper%20Wealth%20of%20Shah%20Family" rel="nofollow" alt="telegram"> &name=I%26M%20Group%2C%20NSE%20Price%20Rally%20Boost%20Paper%20Wealth%20of%20Shah%20Family" rel="nofollow" alt="tumblr"> I&M Bank Branch Share &media=https://businesstoday.co.ke/wp-content/uploads/2022/03/IMG7.jpeg" rel="nofollow" alt="pinterest"> &title=I%26M%20Group%2C%20NSE%20Price%20Rally%20Boost%20Paper%20Wealth%20of%20Shah%20Family" rel="nofollow" alt="telegram"> &name=I%26M%20Group%2C%20NSE%20Price%20Rally%20Boost%20Paper%20Wealth%20of%20Shah%20Family" rel="nofollow" alt="tumblr"> The Nairobi Securities Exchange that has been glowing green due to the strong price rally that occurred between July and September, has lifted the paper wealth of some of the big shareholders of leading companies at the Nairobi bourse.
For instance, the I&M Group strong third quarter share-price performance created significant paper gains for some of its largest shareholders.
Suresh Shah’s 174.95 million shares at the Bank rose from KSh 70 on July 1 st to KSh 83.50 on September 29 th , an increase of 19.3%, lifting the value of his stake from US$ 94.4 million to US$ 112.6 million, an increase of US$ 18.2million, largely driven by the share-price jump.
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