The Ndegwa family has entrenched itself as a primary investor in the NCBA Bank Group by acquiring additional shares worth an estimated Sh. 350 million.
These shares were acquired in the first six months of 2023 through the family’s investment vehicle known as First Chartered Securities in a strategic move that saw the Ndegwas overtake the Kenyatta family as the biggest stakeholders in the bank.
Regulatory filings show that the investment vehicle owned by the family held 246.15 million NCBA Bank shares as at July 10. These were valued at Sh. 9.41 billion. They were an increase from 237.9 million shares the family owend as at the end of December 2022.
This now means that the Ndegwas own a 14.94 per cent stake in NCBA, up from 14.4 per cent stake the family owned in 2022.
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The Ndegwa family first moved its NCBA shares that were worth Sh. 1.7 billion in a restructuring strategy to its primary investment vehicle in the financial year that ended December 2021.
In that move, 70.9 million shares that were previously held in an account by asset manager ICEA Lion were moved to First Chartered Securities.
The Kenyatta family that had previously dominated ownership at NCBA through its Enke Investments Limited vehicle now owns 13.2 per cent stake. This stake is equivalent to 217.49 million shares that are currently valued at Sh. 8.32 billion.
Other top shareholders at NCBA include the late businessman Naushad Merali. In the financial year 2021, Merali through Yana Investments Limited disposed some 11.6 million shares currently worth Sh. 291.1 million.
Merali previously held 97.2 million shares and this dropped to 85.5 million units equivalent to a 5.2 percent stake.
