Saturday, December 15, 2012

Pradeep Paunrana is the richest Kenyan on Nairobi Stock Exchange

Ventures Africa has released the 10 richest Kenyans on the Nairobi Stock Exchange (NSE) based on top investors holdings at NSE as at the end of trading on Friday, December 14, 2012.
Athi River Mining Ltd CEO Pradeep H. Paurnana

Kenyan CEOs have shown that they own considerable shares in their companies and are also good investors at the bourse. Athi River Mining Ltd CEO, Pradeep H. Paunrana , tops the 10 richest Kenyans on the NSE list that includes Equity Bank CEO James Mwangi, Scan group CEO Bharat Thakkar, Co-founder of the NSE and Dyer and Blair CEO Jimnah Mbaru, and industrialist Chris Kirubi.

Other CEOs with considerable stake in their companies but missing in the list include AccessKenya Group CEO Jonathan Somen, Co-operative Bank of Kenya CEO Gideon Muriuki and Rea Vipingo Plantation CEO Neil Cuthbert.

Ventures Africa -- It’s a good time to be an investor in the NSE. Over the past few months, East Africa’s dominant bourse has enjoyed a decent run. The 20-share index closed the week at 4.056 index and is showing considerable momentum even as Kenyans warm up for the upcoming Elections. Kenyan equities have hit record levels and stayed there, driven by a number of factors, including unprecedented foreign investor appetite for undervalued stocks as well as execution of aggressive growth programmes by several companies listed on the bourse.

Indeed, it’s been good. Just ask Bharat Thakrar, the founder and CEO of the NSE-listed Scangroup, East Africa’s largest marketing services conglomerate. The company’s stock is up 65 percent this year as the Kenyan firm finally made its foray into West Africa’s marketing services business with the launch of a new Nigerian subsidiary, boosting Thakrar’s paper net worth by over $13 million in the past one year.

For Kenya’s investment-savvy, the Nairobi Stock Exchange is a place where fortunes are created. The bourse accounts for a substantial portion of the wealth of a number of the country’s richest individuals.

Based on information derived from companies who have filed reports with the NSE on their shareholding structure and verification from share registrars, these are the 10 richest Kenyans based solely on their holdings at Nairobi Stock Exchange. The value of the shares is based on prices at the end of trading on December 14, 2012. Note: these figures exclude private assets.

Paunrana Pradeep - $44.8 million (Ksh 3.9 billion)
Source: Holdings in Athi River Mining (ARM) Limited

The richest individual on the Nairobi Stock Exchange is Paunrana Pradeep, the CEO of Athi River Mining Limited, a cement, industrial minerals and fertilizer manufacturing company which was founded in the 1970s by his father, H.J Paunrana as a small agricultural lime producer. Pradeep owns 17,936,000 shares in Athi River Mining, and at a current price of Ksh 215, his holdings is worth Ksh 3.9 billion.

Bharat Thakrar – $42.1 million (Ksh 3.61 billion)
Source: Stake in Scangroup

Bharat Thakkar is the founder and CEO of Scangroup, East Africa’s largest marketing services group. Market cap: $220 million. Scangroup offers a comprehensive and integrated range of Advertising and Communication Services in Traditional Advertising, Media Investment Management, Marketing Consultancy, Public Relations and Experiential Marketing and owns companies such as Ogilvy East Africa, McCann Erickson Kenya and Lowe Scanad Kenya. Scangroup is also making its foray into West Africa. In November 2012, the company announced the launch of a Nigerian subsidiary. Thakrar is the company’s largest individual shareholder and owns 54,811,360 shares valued at Ksh 3.61 billion ($42.1 million) based on today’s closing price of Ksh 66 a share.

James Mwangi – $40.2 million (Ksh 3.5 billion)
Source: Holdings in Equity Bank and British American Investments

Kenya’s maverick banker transformed Equity Building Society, a moribund mortgage financier into what is known today as Equity Bank, East Africa’s largest indigenous financial services institution with over 130 branches spread across Kenya, total assets in excess of $2.6 billion and 7.3 million active customers. The company has a Market Cap of over $1 billion and a cross listing on the Nairobi and Ugandan Stock Exchanges. Despite divesting a substantial part of his stake in the last two years, Mwangi still remains the bank’s largest individual shareholder. He owns 127,656,700 shares in the bank, translating to 3.45% of the bank’s market cap. At a current share price of Ksh 23.75, his stake in the bank is worth Ksh 3 billion ($35.2M). He also owns 75 million shares in British American Insurance worth Ksh 431 million ($5 million).

Amin Nanji Juma – $40.1 million (Ksh 3.45 billion)
Source: Stake in Nation Media Group

Little is known about Amin Nanji Juma, but he is one of the wealthiest people on the Nairobi Stock Exchange. He owns 15,686,175 shares of East Africa’s media powerhouse, the Nation Media Group. At a closing price of Ksh 220 a share, his stake is worth Ksh 3.45B or $40.1 million.

Kanaksinh Babla – $28.4 million (Ksh 2.5 billion)
Source: Holdings in East African Breweries And Kenya Commercial Bank

While it is difficult to place a finger on who Kanaksinh Babla is and how he made his fortune, rudimentary research pinpoints him as one of the largest donors to the Lions club in Kenya. He owns 6,181,020 shares in East African Breweries Limited (EABL) and close to 29 million shares in Kenya Commercial Banking Group (KCB). While EABL is currently trading at Ksh 260 a share, KCB is trading at Ksh 29. The combined value of his shares in these companies is close Ksh 2.5 billion.

Andrew Kimani – $25 million (Ksh 2.14 billion)
Source: Stake in Equity Bank

The one-time General Manager of Equity Bank is the second largest individual shareholder after James Mwangi. He still owns 90,426,800 shares, or 2.44% of the bank. His stake is worth Ksh 2.14 billion.

Chris Kirubi – $24.7 million (Ksh 2.12 billion)
Source: Holdings in Centum Limited and Kenya Power

The Kenyan businessman is the chairman of International House Limited, a Kenyan real estate development and holding company. His key holdings include 147,610,142 shares in Centum Limited, a Kenyan investment holding company. The shares are held through his name and through Kiruma International, his investment company and are worth Ksh 1.86 billion ($21.6 million). He also owns 15,601,954 shares in Kenya Power worth Ksh 266 million.

Jimnah Mbaru – $24.5 million (Ksh 2.1 billion)
Source: Holdings in Transcentury and British American Investments

Mbaru is the founder and CEO of Dyer & Blair Investment bank, arguably Kenya’s most successful investment bank. He is also one of Kenya’s most successful businessmen. Mbaru was one of the original founders of Transcentury Group, the storied investment holding firm which owns stakes in everything from power manufacturing plants and rail infrastructure to tea producing companies in East and Southern Africa. Mbaru owns 16,659,490 Transcentury shares which amount to a 6.08% stake. At Transcentury’s current share price of Ksh 23, his stake is worth Ksh 383.2 million ($4.45 million). He also owns 300,000,000 shares in British American Investments PLC, a leading Insurance and financial services firm in the country. At the stock’s current share price of Ksh 5.75, that stake is currently valued at Ksh 1.73 billion ($21 million).

Leah Wanjiku Muguku- $20.8 million (Ksh 1.78 billion)
Source: Stake in Equity Bank 

The widow of Nelson Muguku Njoroge, an extremely successful poultry farmer and one of Equity Bank’s earliest investors owns 75,185,350 shares in Equity Bank which is currently worth about Ksh 1.78 billion.

Peter Muthoka – $20.7 million (Ksh 1.77 billion)
Source: Stake in CMC Motors

Peter Muthoka is the founder and CEO of Andy Forwarders, one of Kenya’s largest transport and logistics firm. He owns over 132 million shares in CMC Motors, a Kenyan car dealer which has the exclusive franchise for the Land Rover and Jaguar models in Kenya. He owns 132 million shares in the company, and at the last trading price of Ksh 13.50 a share, worth Ksh 1.77 billion, approximately $20.7 million.
Adapted from Ventures Africa 


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