Kenyan tycoon Rohan Patel gains $1.2 million in two weeks from stake in Sanlam Kenya

Kenyan businessman Rohan Patel’s shares in Sanlam Kenya, a Kenyan insurance, investment and retirement group, have increased by double digits since the close of trading on April 28.

Patel, who sits on the board of Sanlam Kenya as the director of corporate development, owns a significant 20.7-percent stake in the Kenyan insurer, totaling 29,913,267 ordinary shares.

According to data gathered by Billionaires.Africa, his stake in Sanlam Kenya has increased in value by Ksh142.1 million ($1.22 million) over the past two weeks, owing to a double-digit percent increase in the group’s share price.

As of press time on May 12, shares in the Nairobi-based financial services group were trading at Ksh14.9 per share, unchanged from their opening price on the Nairobi Securities Exchange this morning, as selling and buying pressures were evenly balanced.

Since April 28, the value of the Kenyan insurer’s shares has risen from Ksh10.15 ($0.087) per share to Ksh14.9 ($0.128) per share, representing a 46.8-percent gain for the multimillionaire businessman.

The market value of Patel’s stake has risen from Ksh303.62 million ($2.61 million) on April 28 to Ksh445.71 million ($3.84 million) at the time of writing this report, owing to the strong increase in the stock price.

This amounts to a total gain of Ksh142.1 million ($1.22 million) for the multimillionaire businessman in the past two weeks.

Sanlam Group, the parent company of Sanlam Kenya, recently announced plans to establish the largest pan-African insurance player through a joint structure agreement with Allianz, one of the world’s leading insurers and asset managers.

The new entity will drive the penetration of life and general insurance, accelerate product innovation, and advance financial inclusion in high-growth African markets.

With the joint venture agreement, Sanlam and Allianz will combine operations in 29 African countries, excluding South Africa.