Kenyan billionaire businessman Baloobhai Patel Increases Stake In Cop Bank To get 100m Dividend.
- Kenyan billionaire businessman Baloobhai Patel purchased an additional 20.5 million Co-op Bank shares valued at KSh 232 million
- Patel is now the second-largest Co-op Bank individual shareholder behind the lender’s chief executive officer (CEO) Gideon Muriuki
- Besides Co-op Bank, the octogenarian has shares in other companies including Carbacid Investments and Safaricom .
- journalist Adams Ndege brings over eight years of experience in financial, business, and technology reporting, offering deep insights into Kenyan and global economic trends.
Kenyan billionaire businessman Baloobhai Patel has increased his ownership in the Co-operative Bank of Kenya.
How many shares did Baloobhai Patel acquire?
His acquisition involved the purchase of an additional 20.5 million shares, valued at KSh 232 million, on Wednesday, January 17.
Patel’s holdings in Co-op Bank reached a cumulative total of 75.6 million shares by the end of December 2023. The current value of the shareholding stands at KSh 855.2 million.
Patel is now the second-largest Co-op Bank individual shareholder behind the lender’s chief executive officer (CEO) Gideon Muriuki, who owns a 2% stake.
He is set to earn more than KSh 100 million in dividends.
Which other businesses does Patel own?
Patel is one of the little-known Kenyan billionaires owning businesses worth more than KSh 5 billion.
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He owns Transworld Safaris Limited and is one of Kenya’s wealthiest people.
The octogenarian founded the travel company more than 30 years ago and serves as its managing director.
The business mogul has shares in Carbacid Investments, ABSA Bank Kenya, Safaricom, Bamburi Cement and Diamond Trust Bank Group.
He also has a stake in Pan African Insurance, where he is its largest non-institutional shareholder.
Patel has investments in the manufacturing, banking, insurance, telecommunications and construction sectors.
Who earned huge bank dividends?
Nairobi Security Exchange listed banks declared dividend payouts to shareholders amounting to KSh 63 billion.
The Kenyatta family received KSh 924.26 million in dividends from NCBA Group after the lender declared a payout in March 2023.
Equity Group declared a dividend of KSh 4 per share, giving managing director James Mwangi the lion’s share of KSh 685.3 million.