Naushad Merali’s family, one of the wealthiest in Kenya, has witnessed a significant increase in the market value of their stake in Sasini Tea in under four days.
According to Billionaires Africa, the market value of the Merali family’s stake in Sasini Tea grew by Ksh209.08 million ($1.5 million) between March 8 and March 12, 2024.
The increase has been attributed to increased activities at the Nairobi Securities Exchange (NSE), thanks to the gains in the shilling, which has seen investors return to the market.
Investors have been engaging in share acquisitions that have boosted Sasini Tea’s market presence. Since March 8, the firm’s shares on the NSE grew by 7.2 percent, from Ksh19.45 ($0.140) to Ksh20.85 ($0.150) as of March 12.
This elevated its market capitalization on the local exchange to $34.24 million. The increase saw the market value of the Merali family’s stake grow by Ksh209.08 million ($1.5 million) from Ksh2.9 billion ($20.91 million) to Ksh3.11 billion ($22.41 million) during the review period
Sasini Tea is a renowned agribusiness firm in Kenya that specializes in the cultivation and processing of tea, coffee, avocado, and macadamia nuts.
Thika land official with 17 luxury cars, 106 prime properties, millions of cash at home
Merali’s family is among the main shareholders in Sasini Tea, commanding a 65.46 percent stake, equivalent to 168,856,800 ordinary shares.
The family is ranked among the wealthiest in Kenya with investments spanning various sectors.
In 2022, Oxfam International, a global charity organization, listed Sameer Naushad Merali as Kenya’s top tycoon with a fortune worth $790 million (then Sh89.6 billion).
Sameer is the heir to the late businessman Naushad Merali –the founder of Kencell (now Airtel) and Sameer Group, who died in Nairobi in July 2021.
Until his demise, Merali chaired Sameer Group, a Kenyan conglomerate active in agriculture, construction, information technology, property, and finance.
He was formerly the chairman and largest individual shareholder of Bharti Airtel’s operations in Kenya, but in 2014 he sold his shares and stepped down from the company’s board.
According to Forbes, Merali’s net worth was at least $370 million (Sh37 billion) as of November 2015. This saw him appear number 48 on the list of Africa’s 50 wealthiest people.
In Kenya, he was ranked the third-richest person, behind Bidco Africa Limited founder Bhimji Depar Shah (first), who had a net worth of $700 million (Sh7 billion).
Merali is best known for owning three of Kenya’s major companies: Sasini Limited, battery manufacturer Eveready East Africa, and Sameer Africa.
