Kenya’s wealthy Merali family has seen the market value of their stake in Sasini Tea slump by more than $1.2 million in recent times, due to a notable decline in the shares of the leading agribusiness company on the Nairobi Security Exchange (NSE).
According to recent market data, the Merali family’s stake in Sasini Tea has decreased by Ksh160.41 million ($1.21 million) in the past 16 days as investors on the local bourse continue to reduce their stakes in the Nairobi-based agribusiness company.
The latest setback in the Merali family’s fortune comes on the heels of previous gains recorded between March 12 and 27, when their stake in Saini Tea rose by Ksh244.84 million ($1.87 million), from Ksh3.13 billion ($23.91 million) to Ksh3.38 billion ($25.78 million).
Sasini’s diversified agribusiness in Kenya
Sasini Tea, Sasini Tea, a renowned Kenyan agribusiness company, maintains active operations 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 family is Sasini’s largest shareholder, holding a majority 65.46 percent stake equivalent to 168,856,800 ordinary shares, valued at over $25 million. This stake positions the Merali family as one of the wealthiest families not only in Kenya but across East Africa.
Share price decline affects Merali family fortune
Over the past 16 days, Sasini shares on the NSE have dropped 4.53 percent. The shares of the prominent agricultural group declined from Ksh20.95 ($0.15752) on April 5 to Ksh20 ($0.1504) at the time of reporting.
This decline in share price has resulted in a Ksh160.41 million ($1.21 million) decrease in the market value of the affluent Merali family’s stake in Sasini. Their stake declined from Ksh3.54 billion ($26.6 million) on April 5 to Ksh3.38 billion ($25.39 million).
Despite this setback, the Merali family remains one of the wealthiest investors on the NSE and a prominent figure among Kenya’s richest families.
