Kiharu Member of Parliament, Ndindi Nyoro, has significantly reduced his stake in Kenya Power, relinquishing his position as the utility’s largest individual shareholder.
Between June and December 2023, Nyoro sold a whopping 11.78 million shares, representing 36 percent of his holdings.
This move leaves him with 20.72 million shares, currently valued at Sh29 million.
Nyoro’s share sale is a notable shift from his previous stance as a staunch Kenya Power supporter.
He had steadily built his stake in the company over the past year, culminating in his top position in June 2023. Back then, his confidence in the struggling utility’s potential was evident.
While the specific reason behind Nyoro’s decision remains undisclosed, it has sparked speculation amongst industry watchers.
Some view it as a sign of waning confidence in Kenya Power’s future, particularly amidst the company’s ongoing financial woes and debt burden.
Others, however, interpret it as a strategic move in response to market conditions or personal financial considerations.
Nyoro’s sale has paved the way for new players to take the lead.
The Hirani brothers, Naran and Virji, have emerged as the top individual shareholders, jointly holding 23.85 million shares.
Their increased stake could signal their own belief in Kenya Power’s potential for a turnaround, especially with the ongoing reform efforts aimed at boosting efficiency and profitability.
