Kenyan media mogul and renowned businessman John Kimani, has encountered substantial losses in his holdings of Kakuzi Plc, an agricultural cultivation and manufacturing firm listed on the Nairobi Securities Exchange.
Investors have been trimming their stakes in the company as its shares continue to trade sideways, resulting in a drop in the market value of John Kimani’s stake by more than $1.6 million in just two days.
Kakuzi Plc is well-known for its production of high-quality agricultural products such as avocados, macadamia nuts, and passion fruits, as well as its involvement in tea processing, cattle farming, and commercial forestry.
Kimani holds a significant ownership stake in Kakuzi, amounting to 34.54 percent of the company, equivalent to 6,762,133 ordinary shares.
Besides his interests in Kakuzi, the prominent Kenyan businessman also possesses stakes in Centum Investments, the largest investment firm in Kenya, and Nation Media Group.
Since the start of the trading week, the share price of Kakuzi on the Nairobi Securities Exchange has faced a decline of 8.49 percent, sliding from Ksh418 ($2.94) to Ksh382.5 ($2.69) at the close of Tuesday’s trading session, July 25.
As a result of this recent downturn, the market value of Kimani’s stake in Kakuzi Plc has plummeted by Ksh240.05 million ($1.69 million) within the past two days.
His holding, valued at Ksh2.83 billion ($19.89 million) at the beginning of the trading week, now stands at Ksh2.58 billion ($18.2 million) as of this report.
Despite this setback, Kimani retains his position as one of the wealthiest investors on the Nairobi Securities Exchange. Nonetheless, the significant sell-off in Kakuzi shares has significantly impacted his overall investment portfolio.
