Kenyan billionaire Baloobhai Patel buys big, now owns more than 1 percent of Absa Bank
Patel’s latest acquisition reflects a significant year-on-year increase in his Absa holdings. In December 2022, he held 47.57 million shares (0.88-percent stake).
East Africa
Kenyan tycoon Gideon Muriuki-led bank’s wealth arm hits $1.7 billion in assets under management
Co-op Trust’s assets have quadrupled since 2014, rising from Ksh52.5 billion ($392.4 million) to Ksh218.38 billion ($1.7 billion) in 2023.
Kenya’s wealthy Merali family loses $1.2 million from Sasini Tea stake
Despite this setback, the Merali family remains one of the wealthiest investors on the NSE and a prominent figure among Kenya’s richest families.
Bamburi Cement, backed by Kenyan tycoon Baloobhai Patel, to distribute $15 million to shareholder
The proposed dividend payout represents a notable increase from the previous dividend of Ksh0.75 ($0.00563) per share, amounting to Ksh272 million ($2 million).
Kenyan entrepreneur Tesh Mbaabu’s startup shuts down B2B distribution unit after $40-million fundraise
Kenyan entrepreneur, Mbaabu, CEO of MarketForce, cited challenging profit margins and a funding drought as primary reasons behind the decision.
Kenyan tycoon Suresh Bhagwanji Shah loses $6.2 million from I&M Bank stake
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.
Kenyan tycoon Gideon Muriuki’s Co-op Bank provides $3.75-million boost to brokerage unit
The loan, marking an increase from the previous year’s advances, underscores Co-op Bank’s steadfast support for Kingdom Securities.
Kenyan entrepreneur Thomas Njeru’s Pula raises $20 million to broaden insurance access for farmers
Pula’s successful fundraising round underscores the growing recognition of the vital role played by insurtech in bolstering climate resilience for smallholder farmers.
Kenya’s richest banker James Mwangi loses $3.3 million from stake in Equity Group
Mwangi, Kenya’s richest banker, holds a 3.38-percent stake in Equity Group. This equates to 127,809,180 ordinary shares.
Kenyan tycoon Narendra Raval’s Devki Group secures $32.7-million credit facility
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.
Backed by Kenya’s richest families, NCBA provides $11.96-million loan to Mauritius firm
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.
Kenyan investment banker Jimnah Mbaru gains $1.2 million in 37 days
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).
Kenya’s richest banker James Mwangi makes nearly $4 million in 2 weeks
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.
Kenyan tycoon Suresh Bhagwanji Shah’s I&M targets 100 branches in Kenya by 2026
The group kicked off its Kenyan expansion in mid-January with the inauguration of eight new branches.
Kenyan banker James Mwangi leads Equity’s expansion into general and health insurance
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.
Kenyan tycoon Gideon Muriuki’s Co-op Bank to distribute $66.45-million dividend
The proposed dividend marks a significant milestone for the group and reflects its strong financial position.