The shares of the renowned, late Kenyan industrialist Christopher Kirubi in Centum Investment Company Limited have risen by $2.8 million in 14 days.
Kirubi’s family announced that he died today at 80 after battling cancer for four years.
The gains in his stake can be attributed to the increase in the company’s share price on the Nairobi Stock Exchange, as bargain hunters acquired shares at reduced prices.
At press time 2:00 pm (WAT) today, Centum’s shares had risen by 0.31 percent to $0.15 (Ksh16.05) per share, putting the company’s market capitalization at $99 million (Ksh10.68 billion).
The 10-percent increase in the share price of the leading investment company has returned noteworthy gains to the company’s shareholders. Investors expect the company’s financial results to be revealed soon for the year ending March 31.
Centum is a publicly owned East African investment company that operates as an affiliate of the Kenyan state-owned Industrial and Commercial Development Corporation.
Centum provides investors with access to a portfolio of inaccessible, quality, diversified investments with a core focus on real estate, private equity and marketable securities.
Through its core operations, the company has seen its size in the financial services industry grow to impressive heights.
As of March 2020, the company’s total assets were $937 million (Ksh101.9 billion), while its liabilities were pegged at $456 million (Ksh49.24 billion).
This puts the total equity attributable to equity holders at $488 million (Ksh52.62 billion).
Shares in Centum have increased from $0.135 (Ksh14.55) on May 31 to $0.149 (Ksh16.05) as of press time, 12:24 pm (WAT) today.
Kirubi was one of the richest men in Kenya and a renowned industrialist. He sat on the board of Centum as a non-executive director and chairperson of the finance and investment committee. He was the company’s largest individual shareholder.
The increase in the company’s share price has seen Kirubi’s 30.08-percent stake in Centum Investment Company surge by $2.8 million (Ksh300 million)
The gains in the company’s shares pushed the market value of Kirubi’s stake up from $27 million (Ksh2.9 billion) on May 31 to $29.8 million (Ksh3.2 billion) at press time today.