Businessmen who have ceded their shareholding in local telecom firms

Strive Masiyiwa

Often referred to as the “Bill Gates Of Africa, ”Zimbabwean national Strive Masiyiwa broke into the Kenyan business scene in 2003, when it emerged he was the driving force behind a successful bid for the country’s third mobile operator.

As founder and chief executive of Econet Wireless, he has pursued his ambition of creating a truly African multinational business, spinning a web that spans seven countries, more than 25 million customers and which generates an estimated $3 billion in annual revenues.

Econet’s prolonged battles with its local shareholders delayed the launch of the mobile operator and resulted in the entry of Indian owned conglomerate Essar in 2008. Essar bought 49 per cent of Mr Masiyiwa’s 70 per cent holding in the operation.

Early this year, the remaining stake was purchased by Essar, marking the quiet exit of the man who fought for nearly half a decade to have his brand in Kenya.

Naushad Merali

Naushad N. Merali is the chief architect of the astonishing success that is the Sameer Group, a collection of companies that operate in the agricultural, technology, manufacturing and export processing industries.

His vision and astute business sense may have helped build one of the largest economic forces in Kenya, but the changing business environment has seen Mr Merali sell off or downsize operations.

Over the last year, Mr Merali has drastically decreased his holdings in technology interests, selling significant chunks of his shareholding in Zain Kenya, Kenya Data Networks and Swift Global.

On average, his various stakes in all three companies have decreased by 40 per cent, with his interest in Zain Kenya standing at just 5 per cent down from 40 per cent in 2005.

Jimnah Mbaru

Jimnah Mbaru is an internationally renowned investment banker who has made a remarkable contribution to the development of capital markets in Africa.

He has been associated with the development of financial institutions including the Nairobi Stock Exchange (NSE), which he served as chairman for 10 years and Africa Stock Exchanges Association, which he launched as a founder chairman in 1993.

Currently, he is chairman and director of several companies, including Dyer & Blair Limited, a leading stockbroking firm.In 2007, he joined a consortium of owners known as East Africa Capital Partners to buy a 100 per cent stake in the Wananchi Group.

This week, he and his partners allowed Emerging Capital to take over 50 per cent of that holding.