Kenyan businessman John Kimani loses $1.6 million in single day from Kakuzi

Kenyan media tycoon and multimillionaire businessman John Kimani’s stake in Kakuzi Plc sank in value by more than $1.6 million during today’s Nairobi Securities Exchange trading session after investors sold down stakes in the company.

Data tracked by Billionaires.Africa revealed that Kimani’s stake fell by Ksh202.86 million ($1.66 million) during trading hours on Fri., Nov. 18, amid a single-digit decrease in Kakuzi’s shares.

Kakuzi is a Nairobi Securities Exchange-listed agricultural cultivation enterprise. The firm grows, processes, and sells avocados, blueberries, macadamia nuts, tea, cattle, and commercial forestry.

Kimani controls a 34.54-percent stake in Kakuzi, in addition to his interests in Centum Investments and Nation Media Group. In a $1.41-million block deal about two months ago, the renowned businessman purchased an additional 431,434 shares in the Nairobi Stock Exchange-listed agricultural cultivation enterprise.

Kakuzi’s shares fell 7.14 percent during today’s trading session on the Nairobi Stock Exchange, from Ksh420 ($3.44) per share to Ksh390 ($3.2) per share at the closing of trading on the local exchange.

As a result of the recent drop in the company’s shares during today’s trading session, the market value of Kimani’s interest has dropped from Ksh2.84 billion at the beginning of the local exchange this morning to Ksh2.64 billion ($21.6 million) at the time of writing.

As investors sold off their holdings in the top avocado exporter after exports were halted to protect immature crops, the company’s shares fell by just over seven percent during today’s trading session.

Despite a recent drop in his stake, Kimani remains one of the Nairobi Securities Exchange’s wealthiest investors.