Tanzania’s leading banking group, CRDB Bank Plc, has returned impressive gains to shareholders and proved to be one of the best performing stocks on the Dar es Salaam Stock Exchange.
Among these fortunate shareholders are the renowned Rajabali brothers and Hans Macha, a reclusive businessman who owns a stakes in the lender worth more than $5 million.
According to data obtained by Billionaires.Africa, Macha, who owns a fractional 1.25-percent stake in the bank, has seen the market value of his shareholding rise by Tsh3.6 billion ($1.55 million) since the start of 2022 due to a double-digit increase in the CRDB share price on the bourse.
Shares in the Tanzanian banking group were trading at Tsh390 ($0.167) as of press time, unchanged from their opening price at the start of trading, as investors continue to closely monitor macroeconomic data and market-wide sentiment on the Dar es Salaam Stock Exchange.
CRDB shares have risen 39.3 percent since the beginning of the year, from Tsh280 ($0.121) per share on Dec. 31 to Tsh390 ($0.167) at the time of writing.
The increase in the bank’s valuation can be attributed to investor reactions to the bank’s stellar performance in the first quarter of 2022, when profit exceeded Tsh90 billion ($38 million).
The market value of Macha’s 1.25-percent stake in the bank has increased by Tsh3.6 billion ($1.55 million) as a result of the surge in the bank’s share price, from Tsh9.17 billion ($3.93 million) at the start of the year to Tsh12.78 billion ($5.48 million) at the time of writing this report.
The increase in the market value of his shareholding solidifies Macha’s position as one of the Dar es Salaam Stock Exchange’s wealthiest investors. His equity positions in publicly traded companies also include a two-percent stake in Maendeleo Bank, a leading financial institution in Tanzania that provides banking products and services to micro, small, and medium-sized business owners.
SOURCE: BILLIONAIRES AFRICA