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Fallen Kenyan advertising mogul Bharat Thakrar and his wife have seen their stake in WPP Scangroup Plc rise in value by $111,000 in five days.
WPP Scangroup’s share price recently increased on the Nairobi Stock Exchange after bargain hunters saw value for money in the company and began picking up shares at bargain prices.
The buying pressure on the local bourse led to a 4.85-percent gain in the company’s share price within just a week.
WPP Scangroup is the largest marketing and communications group operating a multi-agency model across multiple disciplines in Sub-Saharan Africa.
Thakrar founded the company in 1996. Since then, WPP Scangroup has expanded its footprint across 25 countries in Africa through its network of businesses, which offer advertising, digital, business transformation, public relations, media strategy and trading services.
WPP Scangroup maintains majority-owned offices in Ghana, Nigeria, South Africa and six other countries in Africa. It also has minority-interest and affiliate operations in 14 African countries.
Recently, the company’s share price has surged by about 5 percent from $0.049 (Ksh5.36) on May 24 to $0.52 (Ksh5.62) on May 31 before the Madaraka Day public holiday.
Despite Thakrar’s recent suspension as CEO over allegations of gross misconduct, he holds a substantial stake of about 11 percent in Scangroup with his wife, Sadhna Bharat Thakrar.
Their stake in the company accounts for 46,147,264 issued shares, with a market value of $2.41 million (Ksh259.34 million).
With the recent gains, the market value of their shares has increased from $2.30 million (Ksh247.35 million) to $2.41 million (Ksh259.35 million) from May 24 to May 31.
This translates to an overall increase of $111,000 (Ksh12 million).
