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Baloobhai Patel, a Kenyan multimillionaire businessman and leading industrialist, has been quietly and strategically expanding his investment portfolio, with his most recent acquisition being an additional 7.9 million shares in Bamburi Cement.
The prominent businessman, who in 2021 increased his stake in Carbacid Investments Limited, a Kenyan investment holding with active operations in carbon dioxide gas production, has spent a fortune to acquire additional shares in Bamburi Cement worth Ksh293.4 million ($2.52 million).
With the new purchase, the Kenyan multimillionaire increased his stake in the cement company from 1.94 percent, or 7,026,790 shares, to 4.12 percent, or 14,956,990 shares.
As of press time on May 11, the company’s shares were valued at Ksh36.9 ($0.317) per share, down 27 basis points from its opening price on the Nairobi Securities Exchange this morning. Patel’s 4.12-percent stake in Bamburi Cement is valued at Ksh552.1 million ($4.75 million) at the current market price.
Bamburi Cement Limited is the leading cement company in East Africa, with a long and solid history of providing quality innovative construction solutions while driving long-term growth in its operations.
Its cement plant in Mombasa is one of the largest in Sub-Saharan Africa, and it continues to be at the forefront of construction innovation, with high performance, new technologies, and sustainable building and construction products and solutions.
Patel became the fourth-largest shareholder in the leading cement manufacturer after Standard Chartered Nominees, Kencem Holding and Fincem Holding, with the purchase of an additional 7.9 million shares in Bamburi Cement.
The new shares, which significantly increase Patel’s investment portfolio, will diversify his holdings, as he has significant stakes in blue-chip stocks that pay regular dividends and have a history of steady price appreciation.
Aside from Bamburi Cement, Patel owns stakes in Carbacid Investments, Absa Bank Kenya, Co-operative Bank, Williamson Tea Kenya, Diamond Trust Bank Group and Safaricom.
