Businessman Paul Wanderi Ndung’u has acquired 5.1 million shares in property developer Home Afrika, giving him a 1.26 per cent stake in the Nairobi Securities Exchange (NSE)-listed firm.
The purchase has seen him rank sixth among the top 10 local individual investors, according to the company’s latest annual report.
The investment comes at a time when Home Afrika’s share price has dropped by more than 95 per cent from its peak Sh25 following its listing in 2013 at an offer price of Sh12.
The price decline has been linked to the company’s loss-making streak, with some of the founders having also sold significant volumes of shares.
The investment by Mr Ndung’u is seen as a signal of his confidence about the company’s future prospects.