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#TBT: Mama Ngina listed top investor in Kenya Power with 2.2M shares

#TBT: Mama Ngina listed top investor in Kenya Power with 2.2M shares

#TBT: Mama Ngina listed top investor in Kenya Power with 2.2M shares
January 04
22:44 2018

In 2013, Kenya Power Company listed Mama Ngina Kenyatta as its fourth largest individual investor, making the electricity distributor the only Nairobi bourse-listed company bearing her name on the shareholder list.

Filings with the Capital Markets Authority showed  that President Uhuru Kenyatta’s mother owns 2.2 million shares or a 0.11 per cent stake in the company.

“It’s not clear when she acquired the minority stake, which is small compared to the multi-billion-shilling investments controlled by the Kenyatta family in real estate, insurance, education, banking, manufacturing, farming and hospitality sectors,” wrote Business Daily, a local publication.

Very little is known about Mama Ngina, widow of Kenya’s first President, Mzee Jomo Kenyatta, who has managed to keep a low profile, turning down all journalists requests for interviews.

Her Kenya Power stake, which at the time of publishing this article was valued at Sh37.7 million, has baffled analysts on reasons behind holding the minority stake in the electricity utility.

“If the share has not been hived off a larger trust, it was certainly not bought for commercial reasons,” said Johnson Nderi, an analyst at Suntra Investment Bank.

Similar comments were made by an analyst at Standard Investment Bank. The former first lady earned a dividend of Sh1.1 million.

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Kenya Power declared a dividend of Sh0.50 for the year ended June 2012, up from Sh0.45 the previous year.

The firm’s shares have failed to benefit from the recovery of the Nairobi Securities Exchange, shedding 6.3 per cent over the past six months in a period that has seen most counters record double-digit gain.

Family’s business empire

As the matriarch in charge of the Kenyatta family’s vast business empire, Mama Ngina presides over an enterprise that is associated with well-known commercial brands and blue chip companies.

The family owns Commercial Bank of Africa, which is Kenya’s largest non-listed lender with total assets of Sh100 billion.

According to Business Daily, The institution is ranked Kenya’s ninth largest bank with a market size index of 4.08 per cent.

Others are Brookside Dairy — where the President’s younger brother, Muhoho, sits as executive chairman, and the upmarket hotel chain, Heritage Hotels East Africa.

“The family also owns Media Max Company, the mother company of  K24 TV, Kameme Radio and The People newspaper,” reported Business Daily.

 

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