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This contrasts sharply with the $6.9-million profit he made between Feb. 14 and March 26 when the value of his I&M Bank Group stake soared from $23.47 million to $30.43 million.
The loan, marking an increase from the previous year’s advances, underscores Co-op Bank’s steadfast support for Kingdom Securities.
Pula’s successful fundraising round underscores the growing recognition of the vital role played by insurtech in bolstering climate resilience for smallholder farmers.
Mwangi, Kenya’s richest banker, holds a 3.38-percent stake in Equity Group. This equates to 127,809,180 ordinary shares.
The news of this substantial credit facility coincides with Narendra Raval’s decision to shift a significant portion of Devki Group’s business accounts to Stanbic Bank Kenya.
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.
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.
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.
This move follows his suspension from the company in 2021 and his announcement in February of plans to sue WPP for £24 million ($30.2 million).
Kimani, a significant shareholder with a 33.3-percent stake in Kakuzi, is positioned to receive a substantial portion of the group’s dividend payout.