John Kibunga Kimani has raised his stake in Kakuzi to 30.3 per cent this month.
The investor has steadily built his stake in the firm from lows of two per cent in 2005.
Despite his growing stake, the billionaire has eschewed joining the company’s board or appointing his representatives as directors.
Billionaire investor John Kibunga Kimani #ticker:KUKZ has raised his stake in Kakuzi to 30.3 per cent this month, surpassing his initial target of holding a 29 per cent interest in the agricultural firm.
The continued purchase of the company’s shares, according to regulatory filings, signals his confidence about its future prospects.
Mr Kimani, who told the Capital Markets Authority (CMA) he does not intend to make a takeover offer to Kakuzi’s shareholders, did not wish to comment on his latest share purchases.
The investor, who was brought up in one of Kakuzi’s estates, has steadily built his stake in the firm from lows of two per cent in 2005.
The share purchases have cemented his position as the second largest owner in the company after UK-based Camellia Plc, which is the controlling shareholder with a 50.7 per cent stake.
Besides dividends and capital gains, Mr Kimani has bought into Kakuzi due to his historical association with the company.
The firm’s share price has gained more than 70 per cent since early 2015 when his stock purchases became public, with the rally partly linked to his own buying.
Despite his growing stake, the billionaire has eschewed joining the company’s board or appointing his representatives as directors.
Other listed firms including KCB Group #ticker:KCB, Carbacid #ticker:CARB, NIC Group #ticker:NIC and Sanlam Kenya #ticker:PAFR have shareholders holding percentage ownerships smaller than that of Mr Kibunga join their boards directly or through representatives.
Kakuzi reported a net profit of Sh591.6 million in the year ended December, up from Sh562.4 million the year before on the back of higher sales.
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