During today’s trading session on the Nairobi Securities Exchange, the family of the late Kenyan tycoon Naushad Merali witnessed a remarkable surge in the market value of their stake in Sasini Tea.
According to data tracked by Billionaires.Africa, the shares of the agricultural firm soared by nine percent on the Nairobi Securities Exchange, contributing to a Ksh298.57 million ($2.33 million) increase in the holdings of the multimillionaire Kenyan family.
Shares in Sasini, a leading agricultural group on the Nairobi Securities Exchange, are currently trading at Ksh24 ($0.187) per share, representing an impressive nine-percent increase from their opening price of Ksh22 ($0.17185) per share earlier today.
This surge in the share price of the agricultural company has pushed its market capitalization on the local bourse to Ksh5.5 billion ($42.7 million), solidifying its position as the 22nd most valuable company listed on the Nairobi Securities Exchange.
Due to the surge in Sasini shares, which increased from Ksh22 ($0.17185) this morning to Ksh24 ($0.1874) at midday on the local bourse, the market value of the family’s 65.46-percent stake in the company has risen byKsh298.57 million ($2.33 million), from Ksh3.28 billion ($25.65 million) to Ksh3.58 billion ($27.99 million).
This impressive increase in the market value of their stake reinforces the family’s position as not only one of the wealthiest families in Kenya but also in the entire East African region.
The surge in Sasini’s shares follows the release of the company’s financial results, which revealed a significant increase in profits during the review period.
Based on the figures presented in Sasini’s recently published financial statement, the company’s net profit for the fiscal year ended September 2022 was Ksh1.17 billion ($9.45 million), which more than doubled the Ksh573.2 million ($4.63 million) recorded in the corresponding period in the previous year.
