Highest Paid CEO In Kenya Gideon Muriuki Buys Extra 6 Million CIC Insurance Shares

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Highest Paid CEO In Kenya Gideon Muriuki Buys Extra 6 Million CIC Insurance Shares
Gideon Muriuki Photo/NMG

Co-op Bank CEO Gideon Muriuki has purchased an extra 6.1 million shares in CIC Insurance valued at over KSh 11.5 million.

The insurer’s recent report showed that Muriuki now controls 137.8 million shares in the company.

This is also equals to a 5.3 percent interest.

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In the previous year, Muriuki controlled 131.7 million shares on the Nairobi Securities Exchange-listed firm.

On the other hand, CIC Chairman Nelson Kuria purchased one million extra shares on the firm where he previously served as the CEO.

His holdings increased to 15.3 million shares from 14.2 million shares although his ownership stayed at 0.6 percent.

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CIC’s current CEO Patrick Nyaga owns 12.1 million shares in the company, or 0.5 percent of the corporation.

He bought the majority of the stock shortly after being named CEO in June 2020.

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This comes five months after Muriuki recorded a loss of KSh 101.1 million ($900,000) in 90 days from his stake in Co-operative Bank Group.

He holds a significant 1.08-percent stake in the leading financial services group, which equates to a total of 63,166,543 ordinary shares.

The decline in the market value of Muriuki’s stake was linked to a sustained decrease in Co-operative Bank Group’s shares, after investors sold down their positions.

This was despite the impressive financial results that it posted in the first nine months of 2021.

Due to the sell-off, shares in the Kenya-based group have declined from KSh 13.95 ($0.1241) on 25 August to KSh 12.35 ($0.1099) on 23 November. This translates to an 11.5-percent slump.

The market value of Muriuki’s stake in reaction to the decline dropped from KSh 881.1 million ($7.8 million) to KSh 780 million ($6.9 million) accruing a total loss of KSh 101.1 million ($900,000).

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