A Total petrol station in Limuru. Kenyan billionaire investor John
Kibunga Kimani has exited the list of the oil marketer’s top
shareholders. FILE PHOTO | NMG
Billionaire investor John Kibunga Kimani has sold three million Total Kenya
shares worth Sh80 million, exiting the list of the oil marketer’s top shareholders.
Mr
Kimani had held the shares for years and ranked as the second-largest
investor after French conglomerate Total SA which is the controlling
shareholder with a 93.96 percent equity.
Regulatory
filings show that Mr Kimani started selling the oil marketer’s shares in
2017 and completed the exit by December last year. The share sales are
rare for the investor who typically buys and holds stocks for the
long-term.
“I sold my Total shares. This was to raise
funds to buy more shares in Kakuzi,” said Mr Kimani who has been
accumulating shares in the agricultural firm for more than a decade.
His stake in Kakuzi
currently stands at about 31 per cent. His purchase of more of the
agricultural company’s shares comes as the NSE-listed firm continues to
grow and diversify its business.
Kakuzi recently ventured into production of blueberries, adding to its tea, avocados, macadamia, trees and livestock operations.
Blueberries are sold fresh and can also be processed to make a wide variety of other products such as juice, jam and wine.
Besides blueberries, Kakuzi is also scaling up its avocado production by a large margin.
Kakuzi
plans to dedicate up to 1,200 hectares to the production of avocado
–its largest revenue earner and most profitable crop— in the medium
term.
The company is also investing in infrastructure to support the export of its avocado.
“In
order to best manage the packing and export of this fruit, the
packhouse (warehouse) will be upgraded during 2019. This represents
another substantial investment for the company,” Kakuzi said in its
latest annual report.
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