Kenyan entrepreneur Naushad Merali’s family’s investment in Sasini Tea increased by more than $1.5 million in just four days as the agricultural company’s shares rose significantly on the Nairobi Securities Exchange.
Since March 8, the market value of the Merali family’s holding in Sasini Tea has increased by Ksh209.08 million ($1.5 million), thanks to increasing investor interest as they purchase up shares in the firm.
Sasini, a well-known Kenyan agribusiness corporation, cultivates and processes tea, coffee, avocado, and macadamia nuts throughout the country. The company also specializes in value-added manufacture for both domestic and international markets.
The multimillionaire Merali’s family owns 65.46 percent of Sasini Tea, which equates to 168,856,800 ordinary shares in the company, cementing his position as one of the most valuable investors on the Nairobi Securities Exchange.
Since March 8, Sasini shares on the Nairobi Securities Exchange have increased by 7.2 percent, rising from Ksh19.45 ($0.140) to Ksh20.85 ($0.150) as of today. This increased its market value on the local exchange to $34.24 million.
With the latest stock increase, the market value of the Merali family’s interest has increased by Ksh209.08 million ($1.5 million) in the last four days, rising from Ksh2.9 billion ($20.91 million) on March 8 to Ksh3.11 billion ($22.41 million).
This spike strengthens the Merali family’s status as significant investors on the Nairobi Securities Exchange, since their extensive investments place them among Kenya’s wealthiest families.