Kenyan businessman and senior banking executive, Andrew Ndegwa, has experienced a significant uptick in the market value of his stake in NCBA Group. This is linked to the surge in the shares of the Nairobi-based financial services conglomerate.
Data tracked by Billionaires.Africa indicates that Ndegwa’s stake has increased by Ksh347.33 million ($2.24 million) over the last 40 days. This increase is credited to a renewed interest among investors, leading to the upswing in shares of the East African financial services giant.
NCBA Group shares surge by 12.8 percent, market cap surges above $425 million
NCBA Group is an East African financial services conglomerate headquartered in Nairobi, Kenya. In addition to its operations in Kenya, the group has an operational footprint in Tanzania, Rwanda, Uganda, and Cote d’Ivoire.
The surge in the bank’s share price on the Nairobi Securities Exchange amounted to a 12.83 percent increase in the past 40 days, rising from Ksh35.45 ($0.229) on Nov. 14 to Ksh40.00 ($0.258) at the time of this report.
The recent uptick in the company’s share price has elevated its market cap above $425 million, positioning the company as the fifth most valuable entity on the Nairobi Securities Exchange.
Ndegwa stake in NCBA Group nears $20 million as the lender’s shares surge
Ndegwa, a director on the board of financial services giant NCBA Group, holds a sizable 4.63 percent stake in the leading lender, translating to 76,336,855 ordinary shares. This ownership solidifies his position as one of Kenya’s wealthiest individuals.
NCBA Group’s recent share price surge has significantly boosted Ndegwa’s holdings. His stake jumped from Ksh2.71 billion ($17.46 million) on November 16 to Ksh3.05 billion ($19.70 million) at the time of writing, a gain of Ksh347.33 million ($2.24 million).
This notable appreciation substantially bolsters Ndegwa’s overall net worth and reaffirms his standing among the elite cadre of investors on the Nairobi Securities Exchange.