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Partially owned by prominent Kenyan families such as Kenyatta, Merali, and Ndegwa, the conglomerate remains steadfast in strengthening operations within Kenya while expanding its footprint across the region.
Thanks to the surge in Britam shares, Mbaru’s stake in the Kenya-based diversified financial services group is worth Ksh748.8 million ($5.77 million).
The recent gain not only reinforces Mwangi’s standing as one of the top investors on the NSE but also strengthens his position as Kenya’s wealthiest banker.
The group kicked off its Kenyan expansion in mid-January with the inauguration of eight new branches.
The expansion follows a successful foray into life insurance in 2022 and subsequent approval from the Insurance Regulatory Authority (IRA) in May 2023 to establish a general insurance company.
The proposed dividend marks a significant milestone for the group and reflects its strong financial position.
This move, aimed at shoring up the unit’s liquidity, brings Britam’s total cash injection into the fund to Ksh6.9 billion ($53.1 million) as of December 2023.
Key shareholders, including prominent Kenyan business figures like Mbaru, Munga, Mwangi, and Michuki, lend further credence to the company’s standing.
With Mwangi at the helm, the conglomerate remains on course for sustainable expansion and prosperity within the African financial sector.
The recent uptrend in Jubilee shares has boosted the market value of Aga Khan’s stake in the insurer by Ksh481.15 million ($3.63 million) over the past 10 days.
The company’s decision to reward its unit holders comes after declaring its first distribution from its development Reits, marking a significant increase from the initial projection.
NCBA’s board of directors recently recommended a final dividend of Ksh3 per share, bringing the full-year payout to Ksh4.75 (0.04) per share.
The multimillionaire Merali family holds a controlling stake of 65.46 percent in Sasini Tea, representing 168,856,800 ordinary shares in the group, presently valued at $25.78 million.
This highlights Ndegwa’s standing among Kenya’s top investors, solidifying his position among the nation’s leading businessmen.
Over the past 41 days, I&M shares have experienced a notable upturn, resulting in an increase of Ksh919.35 million ($6.97 million) in the market value of Shah’s holdings.
According to Bhattacharya, CEO of BasiGo, the partnership with CFAO Group marks a significant milestone in the company’s journey.