How Kirubi’s Family Lost Quarter A Billion In Less That Two Months
Late billionaire Chris Kirubi passed away in 2021 leaving behind a multi-billion empire. The businessman was famed for his vast investment portfolio spanning across various sectors of the Kenyan economy.
However, a few months since his demise, Billionaires.africa reported that the billionaire’s family lost close to a quarter a billion in two months.
The publication further reported that in 53 days, between January and March 11, 2022, investors sold their stakes in Centum, where the family holds a 30.94 per cent stake, causing their shares to drop in value by Ksh298.6 million ($2.62 million).
Kirubi left behind a will in which he listed how his properties would be distributed amongst his children and siblings. According to court documents that were acted upon by his lawyers, the billionaire’s properties were valued at Ksh20 billion ($176 million).
The businessman left 80 per cent of his wealth to his son Robert and his daughter Mary Anne. The fortune included stakes in Centum, KCB Group, Haco Industries, Bendor Estate Limited, among others.
He gave the remaining 20 per cent of his wealth to his siblings and left some cash to his other daughter.
On March 11, 2022, alone Centum shares dropped by 2.53 per cent to Ksh13.5 ($0.1183) between the opening bell and closing bell at the Nairobi Stock Exchange.
Centum shares fell from Ksh14.95 ($0.131) per share on January 17 to Ksh13.50 ($0.1183) a share on March 11, a 9.7 per cent loss for shareholders.
Due to the decline in share prices, Kirubi’s stake in Centum dropped from Ksh3.08 billion ($26.99 million) on January 17 to Ksh2.78 billion ($24.36 million) on March 11.
This amounted to a Ksh298.6 million ($2.62 million) loss in 53 days.
