Baloobhai Patel, a prominent Kenyan investor, has significantly increased his holdings in Absa Bank Kenya. Over the past six months, Mr. Patel acquired an additional 5.8 million shares, bringing his total stake to 1.03% – the first time it has surpassed 1%. This strategic move reflects his confidence in Absa’s future and the Kenyan banking sector as a whole.
Mr. Patel’s growing stake in Absa is part of a broader investment strategy. He also holds significant positions in Co-operative Bank of Kenya, Carbacid Investments, Bamburi Cement, Sanlam Kenya, and CIC Insurance Group. This diversified portfolio demonstrates his keen eye for spotting value across various industries.
The Absa stake increase is particularly lucrative for Mr. Patel. With Absa proposing a final dividend of Sh1.35 per share, he stands to earn an estimated Sh75.4 million before tax upon distribution in May. This is in addition to potential dividends from his holdings in other companies like Co-op Bank (Sh113.5 million) and Bamburi (Sh81.8 million).
Baloobhai Patel’s investment activities highlight the dynamism of the Kenyan financial market. His strategic acquisitions and focus on dividend-paying companies position him to benefit from the continued growth of the Kenyan economy.
