Kenyan businessman John Kimani, one of the country’s wealthiest individuals, has increased his stake in Safaricom Plc, East Africa’s largest telecom service provider, in a strategic move to fortify his investment portfolio and deepen his business interests in the African telecom sector.
According to recent market data, Kimani has significantly raised his holdings in Safaricom, acquiring an additional 8.64 million shares in the six months leading up to December 2023. The move brings his total stake in the telecom giant to 27.7 million units, valued at Ksh363 million ($2.23 million) at the time of this report.
Kimani’s calculated $0.7-million investment sends waves through Nairobi Securities Exchange
Kimani’s latest strategic acquisition is seen as a shrewd move to capitalize on the market dynamics of Safaricom Plc, which has witnessed a significant drop in value since its peak in August 2021. The businessman’s increased stake further solidifies his position as one of the leading investors on the Nairobi Securities Exchange.
With Safaricom’s shares losing more than two-thirds of their value since August 2021, Kimani’s additional investment of Ksh113.12 million ($0.7 million) is perceived as a confident play to seize the opportunity presented by the telecom giant’s present market position.
Kimani’s $2.23-million stake makes him second to Solanki duo in Safaricom
With a total stake of 27.7 million shares in Safaricom, valued at $2.23 million, Kimani now stands as the second-largest East African individual shareholder in the telecom giant.
His holdings only trail behind the 40.41 million units jointly held by Chirag Menesh Solanki and Kalavati Menesh Solanki. Beyond the telecom sector, Kimani’s diversified investment portfolio includes substantial interests in Centum Investment Company, Kakuzi, and Nation Media.
Kimani’s latest move is indicative of his commitment to expanding his investment footprint in Kenya’s thriving business landscape, solidifying his influence not only in the telecom sector but across various sectors within the country.