Shilling Strength Sees Kenya’s Billionaire Investment Up Ksh.209 Billion

Merali family has witnessed an uptick in its investments in under four days, thanks to the gains in the shilling.

The family is among the main shareholders in Sasini Tea and has witnessed a surge in investment at $1.5 million (Ksh.209.08 billion).

This is anchored on the return of investors at the Nairobi Securities Exchange ( NSE).

NSE, over the past few days, has experienced increased activity as the shilling reclaims its glory.

Investors have been engaging in share acquisitions that have boosted Sasini Tea’s market presence.

The return of investors in the market is premised on the Kenya Shilling – which has gained strength over the green back for the past week.

It exchanged at 138.8 units against the dollar on Wednesday, compared to March 11 when it opened at 139 units.

Sasini Tea is a distinguished name in Kenya’s agribusiness sector, involved in the cultivation and processing of tea, coffee, avocados, and macadamia nuts.

Commanding Shares in Sasini

The Merali family hold a significant influence in Sasini Tea, commanding 65.46% of shares – equivalent to 168,856,800 shares.

Also Read: Sasini bounces back to profitability in its half year results

The period since March 8 has seen Sasini’s shares skyrocket by 7.2%, marking a rise from Ksh.19.45 ($0.140) to Ksh.20.85 ($0.150).

Sasini’s market cap has soared to $34.24 million.

This bullish trend cements Merali as a strategic investor in Kenya, with Ksh.209.08 billion worth of investment in Kenya.

Businessman Naushad Merali – the founder of Kencell (now Airtel) and Sameer Group died in Nairobi in July 2021.

Monitor Your Business Transaction

Lawrence Baraza

Lawrence Baraza is a dynamic journalist currently overseeing content at Metropol TV Digital. With a keen focus on business news and analytics, Lawrence guides the platform in delivering insightful, data-driven content that empowers its audience to make informed decisions. Lawrence’s commitment to quality and his ability to anticipate market trends make him a key figure in the digital media landscape. His work continues to shape the way business news is consumed, making a significant impact in the field.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button