Kenyan tycoon Naushad Merali’s family has seen a notable increase of more than $1.5 million in the market value of their stake in Sasini Tea within four days due to a significant increase in the shares of the agribusiness company on the Nairobi Securities Exchange.
According to data tracked by Billionaires.Africa, the market value of the Merali family’s stake in Sasini Tea has risen by Ksh209.08 million ($1.5 million) since March 8, thanks to renewed investors buying interest as they mop up shares in the group.
Sasini shares jump 7.2 percent, pushing its market cap to $34.2 million
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.
The multimillionaire Merali’s family holds a controlling stake of 65.46 percent in Sasini Tea, amounting to 168,856,800 ordinary shares in the group, solidifying his position as one of the most valuable investors on the Nairobi Securities Exchange.
Merali family’s investment swells by $1.5 million amid 7.2-percent surge in Sasini shares
Since March 8, Sasini shares on the Nairobi Securities Exchange have risen by 7.2 percent, going from Ksh19.45 ($0.140) to Ksh20.85 ($0.150) as of now. This has elevated its market capitalization on the local exchange to $34.24 million.
With this recent stock increase, the market value of the Merali family’s stake has grown by Ksh209.08 million ($1.5 million) in the past four days, escalating from Ksh2.9 billion ($20.91 million) on March 8 to Ksh3.11 billion ($22.41 million).
This surge solidifies the Merali family’s position as prominent investors on the Nairobi Securities Exchange, with their extensive investments establishing them among the wealthiest families in Kenya.
