Businessman Peter Munga has acquired an additional 3.64 million Equity shares. The businessman acquired the shares in the first three months of the year to March 2025. The shares valued at Sh166.2 million pushed his shareholding in Equity Group Holdings to 0.35 percent from the previous 0.25 percent.
According to regulatory filings date March 31, 2025, Munga now has 13.21 million Equity shares from the previous 9.57 million shares. These shares are valued at Sh603 million.
The latest purchase comes about seven years after Munga started downsizing his stake by moving it from 15.42 million shares in 2018 to 9.57 million in December 2024.
Incidentally, his latest share purchase comes as the businessman stares down the auctioneers hammer over a multi-million debt that he owes the ABC Capital. Last week, Munga lost his bid to block auctioneers from selling off his multimillion shares over a Sh433.76 million ABC Bank loan.
This was after the High Court dismissed the businessman and lashed at him for filing multiple applications in various courts in hope that one of the courts would issue orders favourable to him.
Justice Dorah Chepkowny ruled that the orders stopping the auction would not be extended in a ruling that was delivered at the High Court in Kiambu. The court ruled that Munga had approached the court without disclosing that he had filed a similar suit elsewhere.
Peter Munga to lose Sh510 million in auction over ABC Bank loan
“This conduct constitutes an abuse of court process warranting immediate intervention by the court, which is to set aside the ex-parte interim orders issued on February 3, 2025. The interim orders are set aside and discharged forthwith,” Justice Chepkwony ruled.
Munga had sought the orders after a ruling by High Court judge Alfred Mabeya gave he green light for the auction of 75 million shares that he holds at Britam Kenya over the debt that Munga had guaranteed one of his companies.
During the January ruling, the Britam shares were valued at around Sh604 million. Currently, they are valued at around Sh510 million at a rate of around Sh6.8 per share. The shares will be auctioned by the ABC Bank over the loan that was advanced to Equatorial Nut Processors, a company that is owned by Munga.
Justice Mabeya had ruled that the loan taken by Munga’s company remains in default and as such there is no reason why ABC Bank should not attach the shares.
