The family of the late former president Daniel Arap Moi has restructured its Sh. 0.52 billion StanChart Bank ownership.
The latest filings from the Capital Markets Authority show that the family moved some 3.884 million StanChart Bank shares worth an estimated Sh. 520 million from Kabarak Limited to a firm known as Shawmut Limited.
Shawmut Limited’s director is Eunice Kibiwott Moi. Eunice is the wife of late Moi’s second born son John Mark Moi.
Previously, the Moi family’s StanChart Bank ownership was based on a 1.03 per cent stake that the family has held over the years.
Besides the current restructuring, the filings with the Capital Markets Authority also show that Philip Moi and his son Alexander Kibet have some 424,100 StanChart shares. These shares are worth some Sh. 60 million.
By virtual of these shares, Philip Moi is the third largest local individual shareholder. This now means that the Moi family controls a 1.14 per cent stake in StanChart Bank.
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This stake offered dividends of Sh. 60.312 million in the bank’s latest financials. 73.82 per cent of StanChart is owned by the bank’s United Kingdom parent firm.
