Filings with the Capital Markets Authority show that President Uhuru Kenyatta’s mother owns 2.2 million shares or a 0.11 per cent stake in the company, whose ownership is dominated by institutional investors like the Treasury and National Social Security Fund (NSSF).
It’s not clear when she acquired the minority stake, which is small compared to the multi-billion-shilling investments controlled by the Kenyatta family in real estate, insurance, education, banking, manufacturing, farming and hospitality sectors.
Very little is known about Mama Ngina, widow of Kenya’s first President, Mzee Jomo Kenyatta, who has managed to keep a low profile as she presided over the vast family business.
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Her Kenya Power stake, currently valued at Sh37.7 million, has baffled analysts on reasons behind holding the minority stake in the electricity utility.
“If the share has not been hived off a larger trust, it was certainly not bought for commercial reasons,” said Johnson Nderi, an analyst at Suntra Investment Bank.
Similar comments were made by an analyst at Standard Investment Bank. The former first lady earned a dividend of Sh1.1 million.
Kenya Power declared a dividend of Sh0.50 for the year ended June 2012, up from Sh0.45 the previous year.
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“If the share has not been hived off a larger trust, it was certainly not bought for commercial reasons,” said Johnson Nderi, an analyst at Suntra Investment Bank.
Similar comments were made by an analyst at Standard Investment Bank. The former first lady earned a dividend of Sh1.1 million.
Kenya Power declared a dividend of Sh0.50 for the year ended June 2012, up from Sh0.45 the previous year.
GO TO PAGE 2 TO CONTINUE READING>>>>>
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