Home » Kenya’s Kirubi family loses $2.6 million in 53 days

Kenya’s Kirubi family loses $2.6 million in 53 days

by Mfonobong Nsehe

The family of late Kenyan multimillionaire businessman Chris Kirubi has lost millions of dollars in the past 53 days from their interest in Centum Investments Company, a major East Africa-focused investment firm.

According to Billionaires.Africa, the family’s 30.94-percent share in Centum has declined in value by Ksh298.6 million ($2.62 million) in the past 53 days as investors continue to sell down shares from their holdings in the firm.

Kirubi, who died last year at the age of 80 following a four-year battle with illness, divided his Ksh20-billion ($176 million) fortune among his family members, according to court paperwork left behind by the late businessman and acted on by his legal counsel.

His son Robert and daughter Mary Anne received 80 percent of his fortune, which included stakes in Centum, KCB Group, Haco Industries, Bendor Estate Limited, and numerous other enterprises.

Meanwhile, his siblings received 20 percent of his wealth (brothers Anthony Maina and Michael Kirubi, and sisters Elizabeth Waithera and Salome Mburu),

Centum shares were at Ksh13.5 ($0.1183) as of press time on March 11, 2.53-percent lower than their starting price on the Nairobi Stock Exchange this morning.

Shares in the East Africa-focused investment business have fallen from Ksh14.95 ($0.131) per share on Jan. 17 to Ksh13.50 ($0.1183) a share at the time of writing this report, resulting in a 9.7-percent loss for shareholders.

The market value of the family’s interest in Centum has dropped from Ksh3.08 billion ($26.99 million) on Jan. 17 to Ksh2.78 billion ($24.36 million) at the time of writing.

In sum, the family has lost Ksh298.6 million ($2.62 million) in the past 53 days.

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