The family of the late Kenyan tycoon Naushad Merali has experienced a significant decline in their holdings in Sasini Tea, despite an initial rise in the market value of their stake.
According to data tracked by Billionaires.Africa, the family has seen the market value of their shares in Sasini drop by Ksh880.76 million ($6.2 million) since the beginning of the year.
Sasini, a renowned agribusiness firm in Kenya, operates across the country, engaging in the cultivation and processing of tea, coffee, avocado, and macadamia nuts. The company also focuses on value-added production for both domestic and international markets.
With a 65.46-percent stake, Kenya’s Merali family holds the largest share in Sasini, a leading agribusiness company that operates tea warehousing facilities in the coastal city of Mombasa.
The share price of Sasini on the Nairobi Securities Exchange has witnessed a decline of more than 25 percent since the start of the year, plummeting from Ksh22.45 ($0.159) on Jan. 1 to Ksh28.20 ($0.20) at the time of writing, pushing the company’s market capitalization below the $50-million mark.
Consequently, the market value of the Merali family’s stake in Sasini has fallen by Ksh880.76 million ($6.2 million), dropping from Ksh3.44 billion ($24.26 million) on January 1 to Ksh4.32 billion ($30.47 million) currently.
Despite the recent downturn in Sasini’s share price, the Kenyan Merali family remains one of the wealthiest families in the country, thanks to their extensive investment portfolio, which includes a 5.20percent stake in NCBA Group, a 74.06-percent stake in tire distributor Sameer Africa, and a 35-percent stake in battery firm Eveready East Africa.
