Kiharu Member of Parliament and the founder of securities investment firm Investax, Ndindi Nyoro is no longer the largest individual Kenya Power shareholder.
This is after Nyoro sold off millions of his Kenya Power shares in the six month period between June and December 2023.
Regulatory filings show that Nyoro sold off 11.78 million shares to cut his stake by about 36 per cent to 20.72 million shares. Following the sell off, Nyoro now holds a 1.06 per cent stake in Kenya Power that is estimated to be worth approximately Sh. 29 million.
At the same time, the worth of the shares Nyoro sold off is approximated to stand at around Sh. 16.5 million.
The sell off has now relegated Nyoro to the second largest individual shareholder behind Naran Khimji Hirani and Virji Khimji Hirani.
Regulatory filings as at the end of June 2023 showed that Nyoro held a stake of 1.67 per cent in the firm, having raised his shares from the previous 27.29 million shares as at the end of June 2022.
Nyoro’s stake at Kenya Power was at the time worth an estimated Sh. 48.75 million. His shares as at June 2022 were valued at around Sh. 43.7 million.
Since June 2023, Kenya Power’s share price has fallen by 12.9 per cent. This implies that Nyoro may raked in some losses in his venture with the shares.
“I am buying KPLC shares because I know we can fix issues of electricity when allowed to make decisions. It has a lot of sleeping capitalism which can be used to assist more homes,” Nyoro had said at the time, adding that Kenya Power was largely undervalued.
“The company is valued at less than one per cent of its asset value,” he said
At Kenya Power, the government has a controlling stake of 50.1 per cent of shareholding with private investors holding a 49.9 per cent stake.