Kenyan businessman John Kimani, one of the country’s wealthiest persons, has expanded his share in Safaricom Plc, East Africa’s largest telecom service provider, as a strategic move to strengthen his investment portfolio and expand his commercial interests in the African telecom sector.
According to recent market data, Kimani has dramatically increased his Safaricom holdings, acquiring an extra 8.64 million shares in the six months preceding December 2023. The transaction takes his entire holding in the telecom giant to 27.7 million units, valued at Ksh363 million ($2.23 million) at the time of publication.
Kimani’s recent strategic acquisition is viewed as a prudent decision to capitalise on Safaricom Plc’s market dynamics, which have experienced a dramatic reduction in value since its peak in August 2021. The businessman’s increasing investment strengthens his position as one of the top investors on the Nairobi Securities Exchange.
With Safaricom’s shares losing more than two-thirds of their value since August 2021, Kimani’s latest investment of Ksh113.12 million ($0.7 million) is viewed as a confident move to capitalise on the telecom giant’s current market position.
Kimani is now the second-largest East African individual shareholder in Safaricom, with 27.7 million shares worth $2.23 million.
His holdings only trail those of Chirag Menesh Solanki and Kalavati Menesh Solanki, who own 40.41 million units combined. Aside from telephony, Kimani’s diverse investment portfolio includes significant stakes in Centum Investment Company, Kakuzi, and Nation Media.
Kimani’s recent move demonstrates his dedication to expanding his investment footprint in Kenya’s flourishing economic landscape, cementing his influence not only in the telecom industry but also in other industries around the country.