The family of the late Kenyan tycoon Naushad Merali has seen a substantial increase in the market value of their ownership stake in Sasini Tea, one of Kenya’s top agribusiness firms.
According to data tracked by Billionaires.Africa, the market value of the family’s stake in Sasini Tea has grown by Ksh739 million ($5.46 million) since the start of the year, solidifying their position as one of the richest families in Kenya.
Sasini is a prominent agribusiness firm in Kenya, with operations spanning the country.
Its activities encompass the cultivation and processing of tea, coffee, avocado, and macadamia nuts, as well as the value-added production of these goods for domestic and international markets.
The company also maintains tea warehousing facilities in the coastal city of Mombasa.
With a 65.46-percent stake in Sasini, the Kenyan Merali family is the firm’s largest shareholder.
The holding is composed of investments from the family’s business entities, including Legend Investments Limited, Yana Towers Limited, and East Africa Batteries Limited, which together form a highly valuable portfolio on the Nairobi Securities Exchange.
Since the 2023 year began, Sasini’s share price has risen by more than 22 percent, from Ksh22.45 ($0.166) to Ksh27.4 ($0.206) as of April 19.
This surge has resulted in substantial gains for investors in the company, including the Merali family, whose stake has seen a significant increase in value.
From Jan. 1 to the time of writing, the stake held by the family has risen from Ksh3.35 billion ($24.79 million) to Ksh4.09 billion ($30.25 million), an uptick of Ksh738.8 million ($5.46 million) since the start of the year.
These gains further solidify the Merali family’s status as one of the wealthiest in not just Kenya but all of East Africa.
