Ruto’s confidant Ndindi Nyoro is now the largest individual shareholder in Kenya Power and Lighting Company.
According to the most recent Capital Markets Authority (CMA) reports, Ndindi Nyoro, a Kiharu Member of Parliament, is now the company’s largest individual shareholder.
By the end of June 2022, Nyoro had tripled his share count from 9,116,800 shares at the end of June 2021 to 27,291,400 shares.
Nyoro’s ownership position in the corporation rose from 12th to third as a result of the change, behind shares owned by the government and banks.
Data from the Nairobi Stock Exchange show that the retail price of a Kenya Power share is Ksh1.60.
The National Treasury owned most shares as at the end of June 2022, totaling 978,492,034.
This was an increase of 850,339 from the assessment from the previous year.
Treasury is followed by Standard Chartered Residual nominees who have a total stake worth 32,518,589.
Nyoro defeated Naran Khimji Hirani and Virji Khimji Hirani, who led the individual shareholder category the previous year, with a stake of 27.2 million.
They have a combined 23,845,364 shares of KPLC.
Mahendra Kumar Khetshi, who got 11,024,900, rounds off the list of individuals.
Ndidi Nyoro, who is a close confidant of the president-elect, William Ruto Kiharu MP, revealed that his desire in investing at the state-owned power utility was fueled by its immense revenues and assets.
“The company is valued at less than 1 percent of its asset value. 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 capital which can be used to assist more homes.”
The MP noted that the asset value presents a great opportunity for any buyer seeking to enjoin himself in the venture.
Ndidi Nyoro also owns among other properties which include Afrisec Telecoms, Investax Capital, and Telesec Africa.
The companies have a valuation that totals Ksh300 million with an annual turnover of Ksh50 million.
He also has interests in other sectors including, construction, civil works, stock brokerage, drilling, communication, and water engineering.