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John Kibunga Kimani, one of Kenya’s most prominent investors, has pocketed $800,000 after selling off more than 3 million shares of listed oil marketing company, Total Kenya.
Kimani had been one of the oil marketer’s top shareholders for many years and ranked as the second-largest investor in the company after Total SA of France, which is the controlling shareholder with a 93.96% stake.
According to a report by Kenyan newspaper Business Daily, Kimani began selling the oil marketer’s shares in 2017 and completed the exit by December 2018. Kimani is renowned in Kenyan business circles for acquiring large blocks of shares in local blue chip companies and holding them for the long term. The businessman reportedly sold the shares in order to raise some capital to acquire additional shares in Kakuzi PLC, a listed agricultural firm. Kimani, 73, has been accumulating shares in the agricultural firm for more than a decade and currently owns more than 31% of the firm, a stake that is currently valued at close to $20 million. Kakuzi is a Kenya-based company which is engaged in the cultivation of tea; growing, packing and selling of avocados; livestock farming; growing and selling of pineapples, and forestry and macadamia development.
Apart from his stake in Kakuzi, Kimani, who is fiercely private and reportedly hates being photographed in public, is also the largest individual shareholder in Nation Media Group, East Africa’s largest media conglomerate. He owns an estimated 1.8% of the listed firm, in addition to stakes in brewery giant East African Breweries Limited and mobile telecom outfit Safaricom. The current value of his holdings in the Nairobi Stock Exchange is over $25 million.
June 12, 2019 at 07:43AM
Forbes – Entrepreneurs