Kenyan billionaire businessman Baloobhai Patel, renowned for his strategic investments, continues to make headlines as he strengthens his presence in the financial sector.
In a recent move, Patel invested a staggering Ksh232 million ($1.43 million) to acquire an additional 20.5 million shares in Co-operative Bank Group (Co-op Bank), a leading Nairobi-based lender headed by Kenyan banking magnate Gideon Muriuki.
This investment further solidifies Patel’s commitment to Co-op Bank, as he navigates the challenging market conditions marked by a bear run that has undervalued many banking stocks.
Patel’s strategic move in Bamburi Cement adds depth to investment portfolio
According to a recent stock market update, Patel’s stake in Co-op Bank has risen from 55.1 million shares, equivalent to a 0.94-percent stake in February 2023, to the current 75.6 million shares valued at Ksh855.2 million ($5.28 million).
Beyond his significant stake in Co-op Bank, Patel’s investment portfolio reflects his diverse interests. The Kenyan businessman holds stakes in renowned entities such as financial services provider Sanlam and industrial gases giant Carbacid, showcasing his stature as a serial investor.
In addition to his Co-op Bank investments, Patel has also made a mark in the cement industry. Through his private investment company, Aksaya Investment, he owns a 4.12-percent stake in Bamburi Cement, a prominent cement firm in East Africa.
Navigating market challenges: Patel’s impact on Nairobi Securities Exchange
Patel’s investments highlight his resilience in navigating market challenges and commitment to the growth and stability of key players in the Kenyan financial landscape. In August 2023, he acquired an additional 2.5 million shares in Absa Bank Kenya (Absa Kenya), reinforcing his position as a prominent investor on the Nairobi Securities Exchange.
This strategic move brings Patel’s total shares in Absa Bank Kenya to 50.06 million, representing a 0.92-percent stake. This substantial investment reflects his steadfast confidence in the bank’s prospects and growth potential.
Absa Kenya, formerly Barclays Bank Kenya, operates as a subsidiary of South Africa-based Absa Group Limited. The bank focuses on core operations, including retail, corporate, treasury, and card services, with a specific emphasis on supporting local businesses and SMEs.
