The Moi Family has transferred some of its shares in Standard Chartered Bank Kenya in what is believed to be part of the continued restructuring of the family’s vast business empire since the passing of the patriarch, former President Daniel Arap Moi, in February 2020.
Kabarak Limited, a company associated with Moi, has long held a 1.03% stake in the in lender. Standard Chartered Kenya’s British parent holds a controlling 73.82% stake in the Nairobi Securities Exchange (NSE)-listed bank.
Regulatory disclosures filed with the Capital Markets Authority (CMA) indicated that 3.884 million shares worth Ksh520 million had changed hands from Kabarak Limited to Shawmut Limited.
Listed as the director of Shawmut Limited is Eunice Kibiwot Moi, the partner of the late President’s son John Mark Moi.
The filings also disclosed that Philip Moi and his son, Alexander Kibet hold 424,100 Standard Chartered shares currently valued at Ksh60 million. It means overall, the Moi Family holds a 1.14% stake in the bank which is one of the top payers of dividends at the bourse.
In 2021, Standard Chartered Kenya paid a record dividend of Ksh7.1 billion or Ksh14 per share. Net profit for the year had risen 62 per cent to Ksh9.04 billion.
The late President Moi named lawyer Janmohamed as the executor of his multi-billion shilling estate. The estate includes assets in education, hospitality, transport and logistics, real estate, manufacturing, media, agri-business and security.
Various transactions over the past year have pointed to the restructuring of the fortune.
The family in 2021 sold a majority stake in logistics firm Siginon Aviation to a Kuwait-based company for Ksh1.7 billion. National Aviation Services (NAS) acquired a 51 percent stake in Siginon Aviation — which is a a subsidiary of airport ground handling and cargo management services firm Siginon Group Limited.
Among stipulations in the late President’s will was that a 931-hectare parcel be held by the Trustees of Kabarak University for the benefit of his five sons -Jonathan Kipkemboi Moi, Raymond Moi, John Mark Moi, Philip Moi and Gideon Moi.
He also left Ksh100 million for each of his daughters – Jenifer Chemutai Moi, Doris Chekorir Moi and June Chebet Moi.