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Kenyan multimillionaire tycoon Baloobhai Patel has made another significant move in his succession plan by transferring his 21-percent stake in Sanlam Kenya, valued at Ksh226 million ($1.62 million), to his investment holding company, Aksaya Investment.
This comes shortly after Patel officially transferred his 4.12-percent stake in Bamburi Cement to Aksaya, his private investment office, the transfer forms part of a strategic restructuring process that began in 2015.
Baloobhai Patel family’s Expanding Investment Empire
Following the transfer of his stake in Sanlam Kenya, previously held under his name, Patel’s Aksaya Investment Holdings now holds a total of 30.24 million shares, representing a 21-percent stake in the Nairobi Securities Exchange-listed firm.
This highlights Patel’s commitment to consolidating his equity positions within his family’s investment vehicle.
The move also aligns with Patel’s succession plan, which started with the introduction of his wife, Amarjeet Baloobhai Patel, as a co-owner of his multimillion-dollar positions in various firms listed on the Nairobi Securities Exchange.
As a successful Kenyan businessman and serial investor, Patel has accumulated significant wealth through his investments.
Apart from his stakes in Sanlam Kenya and Bamburi Cement, he also holds positions in Williamson Tea Kenya, Diamond Trust Bank Group, and Safaricom, Kenya’s largest telecom service provider.
Power and Prestige: Uncovering the burgeoning trend among Africa’s Elites
The latest move of wealthy Africans transferring their shareholdings to family offices and private investment vehicles is not limited to Kenya.
Nigerian banker Herbert Wigwe, Nigerian oil tycoon Austin Avuru, and Nigerian mogul Tony Elumelu are among those who have made similar moves, consolidating their shareholdings under family offices or private investment firms.
By centralizing their investments in family offices, these wealthy individuals aim to ensure long-term continuity and efficient management of their assets.
The restructuring efforts by Baloobhai Patel and others reflect a strategic approach to wealth preservation and succession planning in Africa’s business landscape.
