The financial might of the family of Kenya’s first president Jomo Kenyatta continues to be felt after recording a staggering Sh1.99 billion (USD16.58 ) rise in the market value of their equity stake in NCBA Group.
The financial institution with presence in Tanzania, Rwanda, Uganda, and Cote d’Ivoire saw their shares on the Nairobi Stock Exchange (NSE) soar to above Ksh30 ($0.249), billionaireafrica reported.
The seventh most valuable company on the NSE is under the stewardship of the Kenyatta, Merali, and Ndegwa families.
The Kenyatta’s stake in NCBA Group is 13.2 percent, totaling 217,497,023 ordinary shares.
In the first six months of 2022, NCBA recorded an increase of 67 percent in profits from Ksh4.7 billion ($39.2 million) in the first half of 2021 to Ksh7.8 billion ($65 million).
This has seen the group’s shares on NSE rise from 38.8 percent from Ksh23.6 ($0.196) on June 30 to Ksh32.75 ($0.2727) on Sept. 16 amid renewed buying interest among market participants.
This puts the market value of the stake held by the Kenyatta’s family from Ksh5.13 billion ($42.75 million) on June 30 to Ksh7.12 billion ($59.32 million) translating to total gains of Ksh1.99 billion ($16.58 million).