7 companies owned by Baloobhai Patel, one of Kenya’s richest investors

Feyisayo Ajayi -

Baloobhai Patel, a highly esteemed and affluent Kenyan entrepreneur, has solidified his position as a diverse investor with significant holdings in Kenya, a flourishing hub within the East African Community.

His remarkable journey as an astute investor and visionary entrepreneur has catapulted him into becoming one of the wealthiest individuals on the Nairobi Securities Exchange (NSE) and firmly established him as one of the country’s most influential businessmen.

Patel’s NSE holdings, which encompass stakes in key Kenyan companies, have surpassed an impressive $24 million, firmly cementing his status as one of the richest investors on the Nairobi Securities Exchange. These strategic investments have been pivotal in driving his continued success in the country’s bustling financial markets.

In a bid to ensure a strong legacy for his family’s wealth and investments, Patel has initiated a comprehensive restructuring process, consolidating his equity positions in publicly traded companies under the umbrella of his holding company, Aksaya Investment Holdings Limited.

This strategic move is part of a carefully crafted succession plan set in motion back in 2015, aimed at facilitating a seamless transfer of leadership and assets to the next generation.

As per the plan, shares will be transferred to Aksaya Investment Holdings Limited, with the holding company poised to acquire an impressive 49.9 percent stake in Carbacid Investments Plc through a private transaction valued at Ksh1.5 billion ($11.4 million).

Billionaires.Africa has cataloged numerous companies and holdings associated with Patel. Presently, he holds either direct or indirect ownership in the following companies, showcasing the breadth and scale of his vast business empire:

  1. Williamson Tea: Williamson Tea Kenya Plc, a subsidiary of Ngong Tea Holdings, cultivates, manufactures, and sells tea in Kenya and abroad. They operate tea farms in Changoi, Kaimosi, Kapchorua, and Tinderet, and also invest in properties. Patel’s ownership of Williamson Tea is 4.33 percent of 758,505 ordinary shares, ranking second to Ngong Tea Holdings, which holds a controlling stake of 51.46 percent.
  1. Absa Bank Kenya: Absa Bank Kenya Plc, previously known as Barclays Bank of Kenya Ltd, is a Kenyan financial services provider valued at Ksh66.3 billion ($466.4 million). It ranks sixth on the NSE. The bank operates in Consumer Banking and Corporate Banking sectors. Patel, a leading investor in multiple industries, holds a substantial stake in Absa Bank Kenya.
  1. Bamburi Cement: Bamburi Cement Plc is a Kenyan company that produces and sells cement and related products. It also operates in Uganda, HimCem Holdings, Diani Estate, Kenya Cement Marketing, Portland Mines, and Seruji Management. Patel and his wife jointly own 4.12 percent of the company, which amounts to 14,956,990 shares valued at Ksh388.8 million ($2.73 million).
  1. Sanlam Kenya Plc: Patel holds a substantial 20.7-percent stake in Sanlam Kenya Plc, a Kenyan insurance company. It operates in different segments of the Kenyan insurance market, offering Ordinary Life Insurance, Superannuation, General Insurance, and Investments. Formerly known as Pan Africa Insurance Holdings, the company rebranded to Sanlam Kenya Plc in August 2016. It provides life and non-life insurance coverage, investment products, and financial planning services.
  1. Aksaya Investment: Aksaya Investment Holdings is currently responsible for the direct control of Patel’s equity positions in publicly traded companies as part of a succession plan that began in 2015. The move comes after Patel in 2015 introduced his wife, Amarjeet Baloobhai Patel, as a co-owner of his multimillion dollars positions in multiple firms such as Sanlam Kenya, Bamburi Cement, Absa Bank Kenya, and Co-op Bank, whose shares are traded on the NSE. 
  1. Carbacid Investments: Patel owns almost half of Carbacid Investments, a company that produces, processes, and sells carbon dioxide gas for food processing, industry, medicine, and dry ice. The company also tests gas cylinders and invests in properties, shares, bonds, and financial assets.
  1. Co-operative Bank: Baloobhai and Amarjeet Patel own a 0.7-percent stake in Co-operative Bank of Kenya, which is equivalent to 40,694,398 ordinary shares valued at Ksh486.2 million ($3.42 million). The bank ranks fifth in the Nairobi Securities Exchange, with a market capitalization of Ksh70.1 billion ($493.3 million). It also has subsidiaries like Co-op Consultancy & Insurance Agency Limited, Co-optrust Investment Services Limited, and Kingdom Securities Limited.