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Kenyan media tycoon John Kimani has added to his stake in Kakuzi Plc, a producer of agricultural goods, by investing Ksh169.8 million ($1.41 million) in an additional 431,434 shares of the company.
The recent purchase comes after the Kenyan media tycoon increased his ownership of Centum Investment Company, the largest publicly traded investment company in Kenya, in a deal worth more than $1.7 million, elevating him to the position of third-largest shareholder.
According to a recent bourse filing, Kimani purchased an additional 431,434 shares in a block trade at a price per share of Ksh393.57 ($3.26), bringing the total cash consideration for the transaction to Ksh169.8 million ($1.41 million).
The addition of the new shares to his portfolio, which includes substantial stakes in publicly traded companies, increased his ownership interest in Kakuzi from 32.3 percent, or 6,330,699 shares, to 34.54 percent, or 6,762,133 shares.
Kakuzi is a Nairobi Stock Exchange-traded agricultural cultivation and manufacturing company. Among the products grown, processed, and sold by the corporation are avocados, blueberries, macadamia nuts, tea, cattle, and commercial forestry.
Kimani recently received approval from the Capital Markets Authority to increase his ownership to just under 40 percent, and this could be followed by additional purchases in the near future.
Kakuzi shares were trading at Ksh393.5 ($3.265) per share as of press time on Sept. 29, making the agricultural company the twentieth most valuable stock on the Nairobi Securities Exchange with a market capitalization of Ksh7.71 billion ($63.9 million).
The market value of Kimani’s 34.54-percent stake in Kakuzi was Ksh6.76 billion ($22.05 million) at the time of writing.
Aside from his stake in Kakuzi, Kimani also controls substantial equity positions in Centum Investments and Nation Media Group.
