Summary
- The purchases have restored his stake to two percent, an ownership level he has maintained in the past.
- Mr Muriuki’s stake stood at 1.79 percent in December 2018 and it climbed following a series of investments last year including the latest transactions in the four months to December.
- He has remained the top individual investor in the lender since it listed on the Nairobi Securities Exchange (NSE) in 2008.
Co-op Bank’schief executive
Gideon Muriuki bought additional 2.4 million shares with a current
market value of Sh37 million in the four months ended December 2019,
according to regulatory filings.
The purchases have restored his stake to two percent, an ownership level he has maintained in the past.
Mr
Muriuki’s stake stood at 1.79 percent in December 2018 and it climbed
following a series of investments last year including the latest
transactions in the four months to December.
Despite
occasionally selling the bank’s shares over the years, he has remained
the top individual investor in the lender since it listed on the Nairobi
Securities Exchange (NSE) in 2008.
Mr Muriuki has
previously said that his ownership should be seen as a sign of
confidence in the bank. The latest purchases came after a significant
decline in the lender’s share price, offering investors an opportunity
to buy into the company at a significant discount.
Market data shows that Co-op Bank’s stock traded at highs of
Sh16 on February 1, 2019 and fell to lows of Sh11.5 on August 21, 2019.
The
share price decline was largely due to a general bear run which had
gripped the Nairobi bourse. Co-op Bank’s share price has since rallied
and closed at Sh15 on Wednesday.
The lender is among
the beneficiaries of increased demand for bank shares following the
scrapping of lending rate controls on November 7, 2019.
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