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Kenyan tycoon Naushad Merali’s family has suffered a substantial financial setback in recent times, with the market value of their stake in Sasini Tea declining by nearly $4 million — this is linked to the sustained decline in the shares of the leading agribusiness company.
According to data tracked by Billionaires.Africa, the market value of the Merali family’s stake in Sasini Tea has declined by Ksh597.36 million ($3.91 million) over the past 27 days — reflecting the sustained decline in the company’s shares on the Nairobi Securities Exchange.
Merali family’s Sasini stake worth $20 million faces market correction
As the largest shareholder in Sasini, boasting a majority 65.46-percent stake in the company, the Merali family has long been regarded as one of the wealthiest families in Kenya. Their current stake in Sasini is valued at over $20 million — solidifying the family’s status among the richest investors on the Nairobi Securities Exchange.
Sasini, engaged in tea, coffee, avocado, and macadamia nut cultivation and processing, also operates tea warehousing facilities in Mombasa — a coastal city in Kenya.
Over the past 27 days, Sasini’s share price has declined by 16.67 percent decline, falling from Ksh24 ($0.1572) on Oct. 27 to Ksh20 ($0.1310)—this has pushed its market capitalization below the $30 million mark.
Sasini’s share dip trims Merali family wealth by $3.91 million
Consequently, the recent decline in the company’s shares has resulted in a Ksh597.36 million ($3.91 million) reduction in the market value of the family’s stake, decreasing from Ksh3.58 billion ($23.46 million) on Oct. 27 to Ksh2.99 billion ($19.55 million).
Despite the recent challenges faced by Sasini, the Kenyan Merali family remains one of the country’s wealthiest families. The family’s investment portfolio includes a 5.2-percent stake in NCBA Group, a 35-percent stake in battery firm Eveready East Africa, and a 74.06-percent stake in tire distributor Sameer Africa.
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