Baringo Senator and son of Late President Daniel Arap Moi, Gideon Moi, has bought a majority stake in a multi-billion company owned by steel tycoon Narendra Raval.
The company known as Sosian Menengai Geothermal Power had won a lucrative deal to build a 35-megawatt geothermal power plant in Menengai, Nakuru County. The company was one of the three firms that State-owned Geothermal Development Company (GDC) awarded exclusive rights to set up a steam plant under a build-own-operate model.
Initially, Mr. Raval had acquired the company from the Moi family. He had bought it through an entity called Sosian Energy in 2017. Raval admitted that he sold the company back to Moi, but at a lower price than he had bought it. “I sold back my stake in Sosian at a lower price than I had bought it. Gideon Moi is the majority owner,” Raval told a local business newspaper.
Moi family in Sh. 300 billion bitter inheritance fight
In the company, Gideon’s son Kigen Moi is listed as a director. This is the latest in a series of high profile deals that the family of the late president has been making.
In November 2021, the family made Sh. 1.7 billion from the sale of one of its businesses to Kuwait. The Moi family business Siginon Aviation sold a majority stake to the National Aviation Services, a firm that is based in Kuwait.
The sale had seen National Aviation Services acquire a 51 per cent stake in Siginon Aviation, which is a subsidiary of the Siginon Group Limited, which provides airport ground handling and cargo management services. National Aviation Services had previously said that the Siginon enterprise is valued at an estimated Sh. 4.4 billion.
Two years ago, the Moi family and allies sold a 93.57 per cent stake in Transnational Bank to Nigerian lender Access Bank for Sh. 1.4 billion.