Billionaire John Kibunga Kimani has increased his ownership in telecommunications giant Safaricom by acquiring an additional 8.64 million shares, bringing his total to 27.7 million shares as of December 2023.
This move reflects a trend among investors who have been capitalizing on the stock’s reduced price to expand their holdings. The value of Kimani’s new shares is estimated at Sh113.12 million, based on Safaricom’s closing price of Sh13.10 per share.
Kimani’s increased stake solidifies his position as the second-largest individual shareholder in Safaricom within East Africa, trailing behind Chirag Menesh Solanki and Kalavati Menesh Solanki, who jointly hold 40.41 million shares. Despite the stock’s decline in price, retail investors have been rebuilding their positions in Safaricom over the past two years, countering the trend of profit-taking observed between the company’s initial public offering in 2008 and 2019.
The company’s share price fell by 20.6 percent to Sh13.90 between June and December 2023, prompting local investors to bolster their holdings while foreign corporate investors reduced their exposure to the stock.
Story: Business Daily
