By using this site, you agree to the Privacy Policy and Terms of Use.
Accept

News Junction

Notification Show More
Font ResizerAa
  • Home
  • World News
    World NewsShow More
    Putin proposes direct Russia-Ukraine talks in Istanbul on May 15 | Russia-Ukraine war News
    Putin proposes direct Russia-Ukraine talks in Istanbul on May 15 | Russia-Ukraine war News
    May 11, 2025
    Why is Germany such a mess? — RT World News
    Why is Germany such a mess? — RT World News
    May 11, 2025
    Pope Leo explains name: AI, worker rights
    Pope Leo explains name: AI, worker rights
    May 11, 2025
    Ukraine and allies urge Putin to commit to a 30-day ceasefire or face new sanctions – National
    Ukraine and allies urge Putin to commit to a 30-day ceasefire or face new sanctions – National
    May 11, 2025
    Mexican-American singer Johnny Rodriguez, whose 1970s country hits topped charts, dies at 73
    Mexican-American singer Johnny Rodriguez, whose 1970s country hits topped charts, dies at 73
    May 11, 2025
  • Business
    BusinessShow More
    Ukraine blows up bridges to consolidate its positions in Russia
    Ukraine blows up bridges to consolidate its positions in Russia
    August 18, 2024
    Commentary: AI phones from Google and Apple will erode trust in everything
    Commentary: AI phones from Google and Apple will erode trust in everything
    August 18, 2024
    The most famous Indian Dishes – Insights Success
    The most famous Indian Dishes – Insights Success
    August 18, 2024
    Life on the road as a female long rides cyclist
    Life on the road as a female long rides cyclist
    August 18, 2024
    UK inflation rises to 2.2%
    UK inflation rises to 2.2%
    August 18, 2024
  • Cryptocurrency
    CryptocurrencyShow More
    Why is Ethereum (ETH) price up today?
    Why is Ethereum (ETH) price up today?
    May 11, 2025
    Bitcoin SV investors attempt to resurrect 2019 Binance lawsuit
    Bitcoin SV investors attempt to resurrect 2019 Binance lawsuit
    May 11, 2025
    Ex-UFC champ Conor McGregor touts Irish Bitcoin reserve in presidential bid
    Ex-UFC champ Conor McGregor touts Irish Bitcoin reserve in presidential bid
    May 11, 2025
    Ethereum, Dogecoin, and Bitcoin Pepe
    Ethereum, Dogecoin, and Bitcoin Pepe
    May 11, 2025
    Taiwan eyes Bitcoin as hedge against inflation and US Treasury exposure
    Taiwan eyes Bitcoin as hedge against inflation and US Treasury exposure
    May 11, 2025
  • Technology
    TechnologyShow More
    How to Improve Your Spotify Recommendations
    How to Improve Your Spotify Recommendations
    August 18, 2024
    X says it’s closing operations in Brazil
    X says it’s closing operations in Brazil
    August 18, 2024
    Supermoon set to rise: Top tips for amateur photographers | Science & Tech News
    Supermoon set to rise: Top tips for amateur photographers | Science & Tech News
    August 18, 2024
    Scientists Want to See Videos of Your Cat for a New Study
    Scientists Want to See Videos of Your Cat for a New Study
    August 18, 2024
    OpenAI’s new voice mode let me talk with my phone, not to it
    OpenAI’s new voice mode let me talk with my phone, not to it
    August 18, 2024
  • Entertainment
  • Sports News
  • People
  • Trend
Reading: Ndindi Nyoro sells 36pc stake in Kenya Power
Share
Font ResizerAa

News Junction

  • World News
  • Business
  • Technology
  • Cryptocurrency
  • Trend
  • Entertainment
Search
  • Recent Headlines in Entertainment, World News, and Cryptocurrency – NewsJunction
  • World News
  • Business
  • Cryptocurrency
  • Technology
  • Entertainment
  • Sports News
  • People
  • Trend
Have an existing account? Sign In
Follow US
News Junction > Blog > Business > Ndindi Nyoro sells 36pc stake in Kenya Power
Ndindi Nyoro sells 36pc stake in Kenya Power
Business

Ndindi Nyoro sells 36pc stake in Kenya Power

Published January 30, 2024
Share
4 Min Read
SHARE

Contents
EconomyNdindi Nyoro sells 36pc stake in Kenya Power
Economy

Ndindi Nyoro sells 36pc stake in Kenya Power

Tuesday January 30 2024

Kiharu MP, Ndindi Nyoro. FILE PHOTO | NMG

Kiharu MP Ndindi Nyoro sold 11.78 million shares or 36 percent of the shares he owned in Kenya Power between June and December 2023, cutting his directly held stake in the utility to 20.72 million units, the latest regulatory filings seen by the Business Daily show.

Mr Nyoro’s present stake of 1.06 percent in the utility is now worth Sh29 million, going by Kenya Power’s closing price of Sh1.40 per share on Monday. The value of the shares ceded by the MP in the half-year period stands at Sh16.5 million, at the current price.

On June 30, 2023, when his CDS (stock market) account was listed as holding 32.5 million shares, the stake was valued at Sh51.35 million at the prevailing price of Sh1.58.

The lawmaker had built up his holding in the power firm by 5.2 million shares in the year leading up to June 2023, making him the single-largest individual shareholder at the time.

He has now dropped into second place, behind Naran Khimji Hirani and Virji Khimji Hirani, who jointly hold 23.85 million shares in Kenya Power, equivalent to a 1.22 percent stake.

Also read: KPLC starts asset valuation for Ketraco deal

Mr Nyoro, who chairs the Budget and Appropriations Committee in the National Assembly, said in 2022 that he started his investment journey in the equity market as a first-year student at Kenyatta University.

Collectively, individual shareholders from Kenya and the East African Community (EAC) hold 605.9 million Kenya Power shares worth Sh848.3 million, equivalent to a 31.05 percent stake in the firm.

EAC-based institutional investors, who include the Kenyan government, together hold a stake of 1.26 billion shares (64.36 percent) valued at Sh1.76 billion. The remaining 89.58 million shares (4.6 percent) are in the hands of foreign investors.

Kenya Power’s stock is among those at the Nairobi Securities Exchange (NSE) that are seen as undervalued by analysts, with a price-to-book (P/B) ratio of 0.78, making it attractive to long-term investors willing to wait out the prolonged bear run at the bourse.

The company’s share price has fallen by 12.9 percent since the end of June 2023, putting its market capitalisation at Sh2.73 billion.

Its net assets are valued at Sh56.8 billion as per the company’s latest financial report for the year ended June 2023. Despite the major undervaluation, investors have been unable to realise gains from potential catalysts such as cash distributions from asset sales, a phenomenon that plagues other State-owned firms such as KenGen.

The utility reported a Sh3.19 billion net loss in the year to June 2023, after taking a hit from a sharp rise in financing costs on its hard currency obligations due to the weakening of the shilling.

The company said it could have reported a net profit of Sh3.26 billion in the period, but the 89 percent jump in the financing costs to Sh24 billion from Sh12.9 billion previously hurt its bottom line, despite a 12 percent rise in operating profit to Sh19.2 billion.

Also read: Kenya Power share price declines 5pc after loss

Kenya Power is one of the largest corporate consumers of foreign currency in the country, requiring between $45 million and $50 million, and €18 million and €20 million per month to settle obligations, mainly to independent power producers.

→ [email protected]

#Ndindi #Nyoro #sells #36pc #stake #Kenya #Power

TAGGED:36pcCharles MwanikikenyaKiharu MPKPLC SharesNaran KhimjiNdindiNdindi NyoroNyoroPowersellsstakeVirji Khimji
Share This Article
Facebook Twitter Pinterest Whatsapp Whatsapp LinkedIn Email Copy Link Print
Share
What do you think?
Love0
Sad0
Happy0
Sleepy0
Angry0
Dead0
Wink0
Previous Article Retik Finance (RETIK) at alt= Retik Finance (RETIK) at $0.09 set to disrupt DeFi will be bigger than Solana and Cardano combined
Next Article Kenyan sleuth finds missing children, reunites families Kenyan sleuth finds missing children, reunites families
- Advertisement -

Latest Post

Why is Ethereum (ETH) price up today?
Why is Ethereum (ETH) price up today?
Cryptocurrency
Putin proposes direct Russia-Ukraine talks in Istanbul on May 15 | Russia-Ukraine war News
Putin proposes direct Russia-Ukraine talks in Istanbul on May 15 | Russia-Ukraine war News
World News
Bitcoin SV investors attempt to resurrect 2019 Binance lawsuit
Bitcoin SV investors attempt to resurrect 2019 Binance lawsuit
Cryptocurrency
Why is Germany such a mess? — RT World News
Why is Germany such a mess? — RT World News
World News
Ex-UFC champ Conor McGregor touts Irish Bitcoin reserve in presidential bid
Ex-UFC champ Conor McGregor touts Irish Bitcoin reserve in presidential bid
Cryptocurrency
Pope Leo explains name: AI, worker rights
Pope Leo explains name: AI, worker rights
World News
- Advertisement -

You Might Also Like

Peter Deeb/ Deeb & Company Limited Advises of Sale of Subordinate Voting Shares of Hampton Financial Corporation
Business

Peter Deeb/ Deeb & Company Limited Advises of Sale of Subordinate Voting Shares of Hampton Financial Corporation

February 3, 2024
Stock Market News Today: Markets deep in the red as financial stocks slump (SP500)
Business

Stock Market News Today: Markets deep in the red as financial stocks slump (SP500)

August 8, 2023
Companies seek to spin off diversity campaign from crisis-hit CBI
Business

Companies seek to spin off diversity campaign from crisis-hit CBI

August 19, 2023
Japanese stocks see first weekly foreign outflow in three
Business

Japanese stocks see first weekly foreign outflow in three

February 1, 2024

About Us

NEWS JUNCTION (NewsJunction.xyz) Your trusted destination for global news. Stay informed with our timely and accurate reporting on diverse topics, including politics, technology, science, entertainment, sports, and more. Count on us for unbiased and reliable updates at your fingertips.

Quick Link

  • About
  • Disclaimer
  • Privacy Policy
  • Terms of Use
  • Contact

Top Categories

  • World News
  • Business
  • Technology
  • Entertainment
  • Cryptocurrency
  • Sports News
  • Trend
  • People

Subscribe

Subscribe to our newsletter to get our newest articles instantly!

    © 2023 News Junction.
    • Blog
    • Advertise
    • Contact
    Welcome Back!

    Sign in to your account

    Username or Email Address
    Password

    Lost your password?