Ruto ally Ndindi Nyoro buys more shares at Kenya Power becoming the largest shareholder
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Ndindi Nyoro buys additional 5.2 million shares in Kenya Power, becoming the largest shareholder in the utility company
Ndindi Nyoro buys additional 5.2 million shares in Kenya Power, becoming the largest shareholder in the utility company.
Lawmaker Ndindi Nyoro has increased his ownership of Kenya Power by purchasing an extra 5.2 million shares, further solidifying his position as the company’s largest individual stakeholder.
According to regulatory documents, Nyoro increased his interest in the company from 27.29 million shares at the end of June 2022 to 32.5 million shares at the end of June 2023 or around 1.67 percent of the utility.
His existing stake in Kenya Power is approximately Sh48.75 million, while the additional acquisitions made in the fiscal year that ended in June were worth around Sh7.92 million.
Kenya Power shares have gained a modest 4.83 percent over the last year, closing trade on the Nairobi Securities Exchange (NSE) at Sh1.52 on Thursday compared with Sh1.45 per unit in August 2022.
In September of last year, Ndindi Nyoro, the chair of the National Assembly’s Budget and Appropriations Committee, stated he began his investment career in the equity market as a first-year student at Kenyatta University.
Kenya Power, which is among firms analysts say is undervalued on the NSE, is grappling with a weakening shilling, which has eaten into its earnings for the financial year ended June.
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The State-controlled firm alerted investors in May that net earnings for the review year would fall by more than a quarter compared with Sh3.5 billion in the prior year.
The free-falling shilling has significantly increased the burden of paying commercial loans that are dollar-denominated and also the purchase of electricity, which is priced in the US currency.
The Kenyan currency lost about 18.20 percent of value against the greenback, according to official exchange rates, closing in June at 140.52 units from 118.89 units in July 2022.
Kenya Power posted a Sh1.1 billion net loss for the half year ended in December, blamed on the weak shilling and the 15 percent electricity tariff cut that was implemented in January 2022 under President Uhuru Kenyatta.
The power distributor had estimated the loss in revenue arising from the tariff discount between January and December 2022 at Sh26 billion.
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