The shares of Kenyan multimillionaire investor John Kimani in Kakuzi Plc have increased by $1.17 million (Ksh127 million) so far this month.
The gains are linked to the recent rise in the company’s shares on the Nairobi Stock Exchange, as investors remain optimistic about its expansion plans.
Kakuzi is a Kenyan agricultural company listed on the Nairobi and London stock exchanges. The company engages in the cultivation, processing, and marketing of avocados, blueberries, macadamia, tea, livestock and commercial forestry.
Kimani is Kakuzi’s largest shareholder, with an ownership stake of about 32.30 percent of the company’s total issued shares.
Kakuzi recently announced that it will invest $3.71 million (Ksh400 million) to increase avocado output from smallholder farmers and diversify into new fruits such as blueberries to broaden its agro-allied operations and grow its earnings.
The move will help the company strengthen its operating segments and output lines such as macadamia livestock and commercial forestry to reduce its reliance on avocado.
In reaction, the shares of Kakuzi on the Nairobi bourse have increased by 5.56 percent in 12 days, from $3.34 (Ksh360.00) per share on May 31 to $3.52 (Ksh380.00) per share at the close of market yesterday.
Kimani’s stake of 6,330,699 shares has increased in value by $0.19 per share, putting his total gains in 12 days at $1.17 million.
Data retrieved from the Nairobi Stock Exchange revealed that Kimani’s stake in Kakuzi has increased from $21.13 million (Ksh2.28 billion) on May 31 to $22.30 (Ksh2.41 billion) at close of market yesterday.
What you should know
As with other established investors and billionaires in Kenya and Africa, Kimani has seen substantial gains from his stakes in various companies.
Last week, his shares in East Africa’s largest media conglomerate, Nation Media Group, recorded a $333,400 (Ksh36.0 million) increase in value over 23 days.