The shares of prominent Kenyan businessman John Kimani in Nation Media Group have recorded a $333,400 (Ksh36.0 million) increase in value over 23 days.
Nation Media Group is East Africa’s largest media conglomerate with a focus on Kenya, Uganda, Tanzania and Rwanda. Kimani is the group’s largest shareholder, with an ownership stake of about 2.35 percent.
The company uses its industry-leading operating scale and brands to create, package and deliver high-quality content on a multi-platform basis.
A recent hunt for bargain deals on the Nairobi Stock Exchange created bullish sentiment among investors for the group’s shares, resulting in a 56-percent rise in Nation Media Group’s share price.
The gains have returned tremendous value to shareholders, as the group’s share price increased from $0.13 (Ksh14.50) on May 12 to $0.21 (Ksh22.60) as of the close of the bourse today, June 4.
Kimani’s stake in Nation Media Group amounts to 4,438,433 issued ordinary shares and is valued at $930,256 (Ksh100.3 million).
The gains have led to an increase in their market value from $596,846 (Ksh64.4 million) on May 12 to $930,256 (Ksh100.3 million) at close of market today.
This translates to a $333,410 (Ksh35.9 million) increase for the Kenyan investor in 23 days, or an average gain of about $14,496 (Ksh 1.6 million) per day since May 12.
Kimani is known in the Kenyan equity market for acquiring large stakes in local blue-chip companies and holding them for the long term. His investment philosophy has returned tremendous value over the years.
Aside from Nation Media Group, Kimani also also owns a stake in Kakuzi Plc, East African Breweries Limited and the mobile telecom giant, Safaricom.