Kenyan media mogul and renowned businessman John Kimani has recorded a significant decline amounting to over a million in his stake in Kakuzi Plc, an agricultural cultivation and manufacturing firm listed on the Nairobi Securities Exchange.
According to data tracked by Billionaires.Africa, the market value of Kimani’s 34.54-percent stake in Kakuzi Plc has declined by Ksh223.15 million ($1.43 million) over the past five months — reflecting a single-digit decline in Kakuzi shares on the Nairobi Securities Exchange.
Kakuzi shares take a 7.89 percent hit, inflicting significant losses on shareholders
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.
Since July 12, Kakuzi shares on the Nairobi Securities Exchange have decreased by 7.89 percent, from Ksh418 ($2.686) to Ksh385($2.474) — resulting in losses amounting to millions of dollars for shareholders, including Kimani who ranks as one of Kenya’s wealthiest individuals.
John Kimani’s stake in Kakuzi Plc slumps below $20 million
As one of the leading investors on the Nairobi Securities Exchange, Kimani holds a significant 34.54 percent of Kakuzi, or 6,762,133 ordinary shares, making him a prominent figure in the agricultural cultivation and manufacturing company.
The recent single-digit decline in Kakuzi’s share price has shaved Ksh223.15 million ($1.43 million) off Kimani’s stake, reducing its market value from Ksh2.83 billion ($18.16 million) on July 12 to Ksh2.60 billion ($16.73 million).
Despite this dip, Kimani remains one of the richest investors on the Nairobi Securities Exchange. Beyond Kakuzi, he boasts a 5.21-percent stake in Centum Investments, the country’s largest investment firm, and a 3.86-percent stake in Nation Media Group.