Kenyan billionaire investor Kibunga Kimani, has raised his stake in listed agriculture firm Kakuzi to 34.54 percent after purchasing an additional 431,434 shares with a current market value of Ksh169.8 million.
Kimani, who held 6.34 million Kakuzi shares at the end of last year, increased the stake to 6.77 million units by the first week of August, valuing his worth in the firm at Ksh2.66 billion. The investor has steadily built his stake in the firm over the years from lows of two percent in 2005, with his latest purchase further cementing his position as the second largest company owner behind British multinational Camellia Plc, which through its interests in Bordure Limited and Lintak Investments owns a controlling 50.7 percent stake in Kakuzi.
Besides the investment aspect of his purchases, Kimani – who was brought up in one of Kakuzi’s estates—has bought into the company due to his historical association with the company.
In its recent trading update, the agricultural commodity exporter reported a 75% rise in half year profit to Ksh 341.3m(US$2.85m) from Ksh 194.6m (US$1.62m) on the back of increased exports and a diversified portfolio in the six months ended June 2022.
[ Ksh 100 = € 0.85 ]
Source: farmtech-africa.com