Kenyan tycoon John Kimani’s stake at Kakuzi Plc dropped by Ksh 202.86 million on Friday, November 18, according to a trading session on Nairobi Securities Exchange (NSE).
The massive drop was experienced following investors decision to sell down stocks in the NSE-listed agricultural cultivation enterprise.
On Friday, Kakuzi’s shares fell 7.14 percent from Ksh 420 per share to Ksh 390 per share.
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As a result, Kimani’s stake dropped from Ksh 2.84 billion at the beginning of the local exchange to Ksh 2.64 billion at the end of the trading session.
Kimani controls a 34.54-percent stake in Kakuzi.
Kakuzi Plc is a Kenyan agricultural cultivation and manufacture company producing avocados, blueberries, macadamia, tea, livestock and commercial forestry.
Kakuzi Plc was established in 1966 following a merger between Kakuzi Fiberlands Limited and Sisal Limited; a tea estate in Nandi Hills.
Camellia, an agricultural group of companies, later acquired Kakuzi since Kenya’s agricultural industry had gained shape.
Camellia acquired majority interests in Eastern Produce limited which had interests in Kenya and Malawi.
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Estates Services Limited is a subsidiary of Kakuzi Plc.
By 1990, Camellia had majority interests in Kakuzi through its subsidiaries; Eastern Produce Plc (34.19%) and Lawrie Group Plc (7.53%).