Ndegwa Family Makes KSh 371 Million From NCBA Group Stake In 33 Days

Ndegwas Close In On The Kenyatta Family As Top NCBA Shareholders
A photo collage of brothers James Ndegwa and Andrew Ndegwa and NCBA Bank Nairobi branch PHOTOS/UGC

The family of late Kenyan banker Philip Ndegwa has gained KSh 371.01 million in a month from their stake in NCBA Group, reports billionaires.africa.

The Ndegwa family owns a 12.52-percent stake in the financial services conglomerate through its investment vehicle, First Chartered Securities.

Following a stellar performance in 2021, shares in NCBA Group rose in value by more than seven percent in the past 33 days.

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As a result, the Ndegwa family’s stake has increased from KSh 4.92 billion on May 4 to KSh 5.28 billion at the time of publishing, amounting to a KSh 37.01 million gain.

This also increased the bank’s shares from KSh 23.85 to KSh 25.6 in the same period.

As earlier reported on WoK, the Ndegwa Family closed in on the Kenyatta Family as the top NCBA Group shareholders after transferring an additional KSh 1.7 billion worth of shares.

Also Read: Ndegwas Close In On The Kenyatta Family As Top NCBA Shareholders

According to the bank’s annual report, 70.9 million shares that was previously held in an account by asset manager ICEA Lion was moved to the family’s investment at NCBA.

The shares were moved to the family’s First Chartered Securities in the year ended December.

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The transaction saw the family’s ownership increase by 12.7 million shares to a 12.52 percent stake currently worth KSh5.1 billion.

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