Tuesday, April 16, 2024

Ndindi Nyoro buys 20mn TransCentury shares; becomes 4th largest shareholder

Kiharu Member of Parliament Ndindi Nyoro is now the fourth largest shareholder in infrastructure firm TransCentury.

This is after the Nyoro, who doubles up as the chairperson of the Budget and Appropriations Committee at the National Assembly, acquired 20 million TransCentury  shares.

The shares acquired by Nyoro are equivalent  to a stake of 1.77 per cent and are worth an estimated Sh. 8.6 million.

Nyoro now ranks fourth behind Kuramo – private equity firm, Anne Gachui, and Michael Waweru.

Nyoro has lately  been active at the Nairobi Securities Exchange. In the six month period between June and December 2023, he sold off millions of his Kenya Power shares.

Regulatory filings showed 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 held a 1.06 per cent stake in Kenya Power that was estimated to be worth approximately Sh. 29 million as at January 2024.

The worth of the shares Nyoro sold off was approximated to stand at around Sh. 16.5 million.

The sell off 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 had 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.

How Ndindi Nyoro built multi-million business empire before joining politics

These investments are however not the first ventures into the local bourse for the Member of Parliament. Nyoro has been widely known to be an investor at the NSE since the early 2010s.

He also owns an investment firm Investax which also served as a brokerage firm before he ventured into politics in 2017.

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