Multibillion Business Empire Owned By Baloobhai Patel, One Of Kenya’s Wealthiest Billionaires

Baloobhai Patel, an esteemed and affluent Kenyan entrepreneur, has earned his place among the country’s wealthiest investors. With significant holdings in various key Kenyan companies, Patel’s strategic investments have not only solidified his status on the Nairobi Securities Exchange (NSE) but also positioned him as a prominent figure in the East African business landscape.

Through his holding company, Aksaya Investment Holdings Limited, the tycoon is meticulously planning for the smooth transfer of his family’s wealth and investments to the next generation.

In this article, WoK looks at seven business ventures owned by the billionaire investor.

Williamson Tea Kenya Plc:

As a subsidiary of Ngong Tea Holdings, Williamson Tea Kenya Plc is engaged in cultivating, manufacturing, and selling tea in Kenya and abroad. Patel owns a 4.33 percent stake of 758,505 ordinary shares in the company.

Absa Bank Kenya Plc:

Formerly known as Barclays Bank of Kenya Ltd, Absa Bank Kenya Plc is a prominent financial services provider valued at Ksh66.3 billion ($466.4 million). Patel holds a substantial stake in this banking institution.

Bamburi Cement Plc:

Bamburi Cement Plc is a leading Kenyan company that produces and sells cement and related products. Patel and his wife jointly own 4.12 percent of the company.

Sanlam Kenya Plc:

As a significant investor in the insurance sector, Patel holds a 20.7 percent stake in Sanlam Kenya Plc. The company provides various insurance products and financial planning services.

Aksaya Investment Holdings Limited:

Aksaya Investment Holdings is the focal point for Patel’s direct control of equity positions in publicly traded companies. This strategic move is part of a succession plan aimed at securing a strong legacy for his family’s wealth.

Carbacid Investments:

Patel owns nearly half of Carbacid Investments, a company engaged in producing, processing, and selling carbon dioxide gas for various industries. The company also invests in properties, shares, bonds, and financial assets.

Co-operative Bank of Kenya:

Together with his wife, Amarjeet Patel, Baloobhai owns a 0.7 percent stake in Co-operative Bank of Kenya, amounting to 40,694,398 ordinary shares.