23 C
Wednesday, September 23, 2020

Simeon Nyachae owns Sh. 300 million stake in Kenyatta family bank

Must Read

Shock as Kenya to borrow Sh. 2.5 billion daily for next two years

Kenya Loans: The government of President Uhuru Kenyatta is back to its borrowing ways. A shocking report that appeared...

Life of quiet but controversial billionaire Humphrey Kariuki

Humphrey Kariuki Life: Humphrey Kariuki Ndegwa hit the headlines when the Director of Public Prosecution (DPP) said that he...

Why it will take a rare miracle for Tuskys to survive

Tuskys Mattresses Limited : This feature was written and published by economic analyst Ephraim Njega: It will take a...

Simeon Nyachae Wealth: Ex powerful Cabinet minister Simeon Nyachae owns a stake worth Sh. 300 million in the NCBA bank which is majorly owned by the Kenyatta family.

Mr. Nyachae holds 8.6 million shares in the bank which are currently worth Sh. 300 million going by the latest market rates.

Kenyatta family, James Mwangi make Sh. 1 billion each on NSE

“The businessman, politician, former chief secretary and former head of civil service had 3.1 million CBA shares that converted into 8.6 million shares in NCBA and whose stock is currently trading at about Sh. 35 on the Nairobi Securities Exchange. His stake in NCBA now stands at 0.57 percent. He joins a group of other billionaire investors with significant stakes in the listed firm including Naushad Merali and the families of Kenya’s founding president Mzee Jomo Kenyatta and late Central Bank governor Philip Ndegwa. Mr. Muhoho Kenyatta, for instance, now holds a direct stake worth Sh. 400 million in NCBA. He also holds other shares in the bank indirectly alongside other members of the wider Kenyatta family whose total ownership in the lender is estimated at 13.2 percent or the equivalent of about Sh. 6.8 billion,” says the a report that appeared in the Business Daily on Thursday.

The report further says that NCBA has risen to rank as the fourth largest in terms of absolute profits after overtaking DTB Group and the local branches of Standard Chartered Bank and Barclays Bank.

“He initially held 4.2 million shares in CBA that converted into 11.5 million shares in the listed firm. His direct stake in the company now stands at 0.77 percent. Mr Muhoho, who previously served as CBA’s deputy chairman, is however, not listed in the reorganised NCBA board of directors. On the other hand, the Ndegwa family, which controlled NIC with a stake of 25 percent before the merger, was revealed to have also been one of the long-term shareholders in CBA.

James Ndegwa and his brother, Andrew Ndegwa, held 6.6 million shares in CBA that were swapped into 18.2 million shares of NCBA and which have a current market value of Sh. 631 million. The merger saw the Ndegwa family emerge with an NCBA stake estimated at 12 percent and valued at Sh. 6 billion. Mr Merali’s ownership in the listed bank stands at 2.9 percent and is worth about Sh. 1.5 billion,” the report adds.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.


Latest News

Equity Afia Opens 3 New Medical Centres In Kitengela, Ngong And Along The Eastern Bypass

Equity Afia Opens 3 New Medical Centres In Kitengela, Ngong And Along The Eastern Bypass Equity Afia, the medical franchise...

5 Effective Methods To Boost Engine Power

Is there anyone who doesn’t want to drive a faster car? All the motorheads will like to boost engine power to make their vehicle more powerful...

I stole Sh. 62.7 million out of greed and stupidity, says ex ICEA boss

On Monday this week, Lincolin Kivuti Njeru, a former senior insurance manager was sentenced to three years in jail for stealing Sh. 62.7 million...

How farm started with 1,500 chicks now produces 20,000 chickens monthly

Kilifi is host to one of the most profitable and productive chicken farms in Kenya. This is the Sheikh Commercial Poultry Farm which is...

Nairobi estates where power blackouts are the order of the day

Power Blackout Nairobi: In Kenya's capital city Nairobi, there are estates that are more prone to blackouts than the others. Data from Kenya's sole power...

More Articles Like This