Billionaires Brothers: Aunali and Sajjad, lose $2.8 million
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News around Africa - June 16, 2023

Billionaires Brothers: Aunali and Sajjad, lose $2.8 million

Tanzanian billionaire siblings Aunali and Sajjad Rajabali, who enjoyed a significant increase in their wealth earlier this year, have recently witnessed a decline of $2.8 million in the market value of their stake in CRDB Bank over the past 53 days.

With its headquarters in Dar es Salaam and a strong presence in Burundi, CRDB Bank is a prominent player in the East African financial services sector, occupying a leading position.

CRDB Bank holds the distinction of being the largest bank in Tanzania, showcasing its dominance in terms of assets, customer deposits, and lending. As of Q1 2023, the bank proudly possesses an impressive asset value of nearly Tsh12 trillion ($5.1 billion).

Renowned for their immense wealth, Tanzanian billionaire siblings Aunali and Sajjad Rajabali hold a collective stake of 2.6 percent in CRDB Bank, solidifying their status as notable investors on the Dar es Salaam Stock Exchange. The market value of their stake surpasses $12.5 million, further emphasizing their prominence in the financial landscape.

Starting from April 24, CRDB Bank’s share price has experienced a sharp decline of more than 18 percent, falling from Tsh550 ($0.23) to Tsh450 ($0.189). This substantial drop has resulted in significant losses for shareholders and investors, including the prominent businessmen Aunali and Sajjad Rajabali.

In the span of the last 53 days, the market value of the shares owned by the billionaire siblings has experienced a contraction of Tsh6.69 billion ($2.8 million). This decline has caused their stake to decrease from Tsh36.8 billion ($15.42 million) on April 24 to Tsh30.11 billion ($12.61 million) as of June 16.

Aunali and Sajjad still maintains their status

Despite facing this setback, the Tanzanian billionaire brothers continue to hold their esteemed position as some of the wealthiest investors on the Dar es Salaam Stock Exchange.

While experiencing a decrease of $2.8 million in their fortune due to the decline in CRDB Bank’s shares, Aunali and Sajjad Rajabali still maintain their prominent status as some of the wealthiest individuals in the country.

The recent decline in CRDB Bank’s shares coincides with the bank’s contemplation of expansion plans. Just under three weeks ago, the bank revealed its aspirations to extend its presence into three African nations: Zambia, Comoros, and Malawi. This expansion initiative aligns with CRDB Bank’s strategic plan for 2023–2027 and follows its remarkable growth in the East African region.

Through its entry into these markets, CRDB Bank exemplifies its steadfast commitment to expanding its regional footprint and strengthening its financial performance. This move serves to reinforce the bank’s earnings and revenue streams, showcasing its determination to achieve growth and success in the industry.

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