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Kenyan media magnate John Kimani has bought an additional stake in the country’s largest listed investment firm Centum Investment Company in a deal worth more than $1.7 million, making him the company’s third-largest shareholder.
According to Centum’s recently published annual report, Kimani, who ranks as not only one of the Nairobi Securities Exchange’s wealthiest investors but also one of Kenya’s richest businessmen, purchased an additional 20,969,500 shares in the investment firm. The acquisition increases his ownership stake in the Nairobi-based investment firm while diversifying his investment portfolio.
Although information regarding the new shares was not immediately publicized on the exchange, Billionaires.Africa concurred that Kimani bought the shares at a period when the price fell from Ksh17.2 ($0.143) to Ksh8 ($0.0666).
Kimani spent Ksh216 million ($1.8 million) to boost his interest in Centum by purchasing an additional 20.9 million shares at an average price of Ksh10.3 ($0.086) per share.
With the purchase of the shares, his equity stake in the firm climbed from 8,264,421 shares, or 1.24 percent, at the start of the year, to 29,233,921 shares, or 4.39 percent, at the time of writing.
Centum’s shares were priced at Ksh9.86 ($0.0821) per share as of press time on Sept. 1, up 3.35 percent from their opening price on the Nairobi bourse this morning, boosting the company’s market capitalization above Ksh6.3 billion ($52 million).
At the current market price, Kimani’s 4.39-percent stake in Centum is worth Ksh215.9 million ($2.5 million).
Aside from his ownership interest in Centum, Kimani also controls 32.3 percent of Kakuzi and 2.99 percent of Nation Media Group.
