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Robert Kirubi and Mary-Ann Musangi, the heirs of Kenyan multimillionaire businessman Chris Kirubi, have experienced a significant increase of more than $1.3 million in the market value of their stake in Kenya’s largest listed investment firm, Centum Investment, in the past 153 days.
According to data tracked by Billionaires.Africa, the market value of their joint stake in Centum has increased by Ksh197.67 million ($1.32 million) since May 17 as investors on the local bourse continue to increase their stakes in Kenya’s largest listed investment firm.
Centum Investment, a publicly owned East African investment company, specializes in investments across real estate and private equity assets in various sectors, including consumer goods, financial services, agribusiness, and power. However, the firm has faced financial challenges since the passing of its visionary leader, Kirubi.
The late Kirubi, a prominent Kenyan tycoon and serial investor, owned a 30.94-percent stake in Centum Investments before his passing in June 2021 at 80, equivalent to 205,908,205 ordinary shares.
His son, Robert Kirubi, and daughter, Mary-Ann Musangi, inherited 80 percent of his fortune, including stakes in KCB Group, Haco Industries, and Bendor Estate Limited. The duo now holds the stake in Centum Investments, which was once owned by their father.
Over the last 5 months, Centum shares have increased by 12 percent
Since May 17, more than 5 months ago, Centum shares on the Nairobi Stock Exchange have surged by 12 percent, climbing from Ksh8.00 ($0.0535) on May 17 to Ksh8.96 ($0.0599) at the time of writing, thus pushing its market capitalization closer to $40 million and returning gains amounting to millions of dollars for its shareholders, including Kirubi’s heirs.
As a result of the double-digit percent surge in the company’s share price, the market value of the stake held by Kirubi’s heirs has increased by Ksh197.67 million ($1.32 million) in the past 153 days, rising from Ksh1.65 billion ($11.02 million) on May 17 to Ksh1.84 billion ($12.34 million) at the time of writing.
