Two Kenyan tycoons Joe Wanjui and James Muguiyi have pocketed Sh. 3.2 billion from the sale of their stake in UAP Holdings. The duo sold their stake of six per cent to South African firm Old Mutual Holdings for R437 million (Sh. 3.2 billion).
In 2018, Old Mutual Holdings had announced that it would buy a total of 12.7 million from the two traders. In the year ended December 2020, Old Mutual acquired 2.8 million shares from Muguiyi and an additional 9.8 million shares in early 2021.
Prior to selling his stake, Joe Wanjui held 43.25 million shares. This was equivalent to a 20.4 percent stake through his investment vehicle Bawan Limited. Muguiyi on his part directly held 12.6 million shares which were equivalent to a 5.9 percent stake.
“The registration process [for the shares] was delayed and spilled over into 2020. That was the delay but they have been paid,” said Arthur Oginga, UAP’s chief executive officer.
Wanjui has been a long serving businessman in Kenya. He retired as the board chairman of UAP in June 2021 after serving for 35 years.
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On the other hand, Muguiyi previously served as UAP’s chief executive officer in the period between 1988 and 2012. He also hold stakes in other companies and businesses in partnership with the late industrialist Chris Kirubi. Muguiyi is currently a non-executive director at UAP.