Billionaire investor Baloobhai Patel has sold two million shares in trading and manufacturing company Flame Tree Group #ticker:FTGH, earning millions of shillings.
Mr Patel held 933,939 shares of the firm listed on the Nairobi Securities Exchange in December 2016, down from three million the year before, according to the company’s latest annual report.
The shares sold have a current market value of Sh10.7 million, based on Flame Tree’s closing price of Sh5.15 on Thursday.
Mr Patel’s stake in the company dropped to 0.58 per cent from 1.87 per cent as his ranking on the list of its top investors declined to seventh place from second.
The sell-off is rare for Mr Patel who prefers a buy-and-hold strategy. He also exited Mumias Sugar Company #ticker:MSC as troubles mounted at the miller.
Mr Patel, whose total NSE portfolio tops the Sh3 billion mark, has Barclays #ticker:BBK, DTB #ticker:DTK and Sanlam Kenya #ticker:PAFR among his long-term holdings.