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Kenyan tycoon Naushad Merali’s family has seen a significant uptick in their wealth in recent times, with the market value of their stake in Sasini Tea increasing by nearly $1.2 million thanks to the recent upswing in the shares of the leading agribusiness company.
According to data tracked by Billionaires.Africa, the market value of the Merali family’s stake in Sasini Tea has soared by Ksh186.67 million ($1.15 million) over the past 19 days. This reflects renewed investor interest, evident in increased share purchases on the Nairobi Securities Exchange.
Merali family: Power players in Kenya’s agribusiness landscape
Sasini, a renowned agribusiness firm in Kenya, operates across the country, cultivating and processing tea, coffee, avocado, and macadamia nuts. The company also focuses on value-added production for both domestic and international markets.
With a majority stake of 65.46 percent, Kenya’s Merali family holds the largest share in Sasini Tea. This stake, worth over $23 million, makes the family one of the richest families in Kenya and East Africa.
The agribusiness company, which operates tea warehousing facilities in the coastal city of Mombasa, has recently faced a challenging period, resulting in huge losses for shareholders, including the Merali family — one of the richest investors on the local bourse.
In recent times, Sasini shares have increased by 6.33 percent, from Ksh 19.75 ($0.1216) on Jan. 4 to Ksh21 ($0.1293) at the time of drafting this report, thus pushing its market capitalization on the Nairobi Securities Exchange above $30 million.
Sasini’s stock surge adds $1.15 million to Merali family’s wealth, elevating their stake to $19.3 million
As a result of the recent surge in the company’s shares, the market value of the stake held by the family has risen by Ksh186.67 million ($1.15 million), from Ksh2.95 billion ($18.16 million) on Jan. 4 to Ksh3.14 billion ($19.31 million).
With this recent uptick in Sasini’s share price, the Kenyan Merali family remains one of the wealthiest families in the country. Their extensive investment portfolio includes a 5.2-percent stake in NCBA Group, a 35-percent stake in battery firm Eveready East Africa, and a 74.06-percent stake in tire distributor Sameer Africa.
