John Kibunga Kimani, the Kenyan billionaire investor known as the largest shareholder of agricultural stocks at Kakuzi, has built stakes worth above Ksh360 million in Safaricom, the biggest telecommunication company in the country trading as SCOM in the Nairobi Securities Exchange (NSE).
Per the latest stock market filings, Dr. Kimani, who owns 33.27% of the renowned avocado exporting company listed as KUKZ on NSE and valued at Ksh7.5 billion, increased his stake in Safaricom to 27.7 million shares after buying an additional 8.64 million units towards the close of the Financial Year 2023 that ended last December.
His total stake, now worth roughly Ksh362.4 million at the current price of Ksh13.10 per share, makes him retain his position as the number two largest East African individual shareholder at the telco after joint investors Chirag Menesh Solanki and Kalavati Menesh Solanki who have 40.41 million Safaricom shares averaging Ksh529.4 million in their investment portfolio.
The investment comes as Safaricom stocks face pressure after falling sharply by 29% from a high of Ksh44.95 in 2021 to a low of Ksh13.00 in May last year, and its Chief Executive Officer (CEO) Peter Ndegwa attributed it to external factors that affected other listed companies as well.
“The whole exchange (NSE) has actually been dropping,” the Safaricom CEO was quoted in a past interview.
Safaricom is the largest listed firm on the bourse, with a market capitalization of Ksh525 billion and a market share of 65.7%. Today, It has 33.11 million active subscribers.