Kenyan stock market analysis
Monday October 26 email print. Chris Kirubi during the listing ceremony of Centum Investment Limited Sh6bn bond issue on June 30, at the Serena Hotel.
PHOTO DIANA NGILA NATION MEDIA GROUP. Billionaire investor and prominent entrepreneur Chris Kirubi has positioned himself as a key mover at the Nairobi Securities Exchange.
His moves at the NSE can at times be as astounding as the money his portfolios hold. In January this year, for instance, Mr Kirubi and Centum Investments sold their shares in insurance group UAP Holdings to Old Mutual in a deal that earned them over Sh7 billion. With Mr Kirubi owning a 9. Interestingly, by that time, Mr Kirubi owned a In September this year, Mr Kirubi was reported to have added another 4.
This stake was acquired in two years and amounted to Aly Khan Satchu, a financial markets expert and CEO of Rich Management, says Mr Kirubi has proven to be a very astute investor at the NSE. He adds that the key move that Mr Kirubi made with Centum was to source out for first-class human capital and then put them in the cockpit.
Paul Maina, the head of research at Relic Capital, says Mr Kirubi and Centum garner a good exit price, which he utilised to divert his resources towards more acquisition at Centum. It meets the threshold of a great company: In a shocking move in August, Mr Kirubi also acquired 2.
This was surprising as the investment came hot on the heels of a record-breaking loss by the national carrier in August. In its full year results, KQ shocked the country by announcing a net loss of Sh This meant that KQ was in a negative capital position of Sh5.
Although this caused a stir among novice investors leading to speculative trading, some analysts have noted that it was not as significant as his well-articulated decision in buying Centum shares.
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In August, Centum Investment CEO James Mworia climbed the ladder to the top ten shareholders club. He notes that by purchasing the stake, the Centum CEO was basically putting his money where his mouth is.
After narrowing down on their Equity Bank stake, The Muguku family is investing Sh3 billion in a real estate project. In the same vein, Equity Bank CEO James Mwangi narrowed down on his Equity stake to 4. By October last year, Mr Mwangi had a 6. This gave him an annual compounded rate of Mr Satchu says the share sales by the Muguku family were part of an optimal portfolio strategy which required them to diverse their risks.
Mr Maina says Mr Munga has been reducing his shareholding and investing in private firms that he believes will yield superior returns. By January , they had cut their stake by 6. Others are Hansan Investment who sold , shares, Home Afrika Continental who sold 2 million shares, Stimela Co-op who let go 2.
They used aggressive accounting techniques and when best practices were applied, it became clear that they had very minimal sales. Currently, the Home Afrika stock has plummeted to an all-time low of Sh1. The list of wealthy men and women has an astonishing 1, billionaires with an aggregate net worth of Sh trillion.
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