Written By John Mutiso 📝
The multi-billion Ndegwa family restructured its NCBA Group ownership, transferring Sh1.7 billion in shares into their investment vehicle in a transaction that contributed to changes in individual members’ holdings.
According to the bank’s annual report, in the fiscal year ending December 31, 70.9 million shares previously held in an account by asset manager ICEA Lion were transferred to the family’s investment vehicle First Chartered Securities.
The transaction increased the family’s ownership of the late Philip Ndegwa, a former Central Bank of Kenya governor, by 12.7 million shares to a 12.52 percent stake worth Sh5.1 billion.
The Ndegwa family is now close behind the Kenyatta family in the rank of top NCBA shareholders. The Kenyatta family which is the biggest shareholder in NCBA holds a 13.2 percent stake worth Ksh 5.4 billion.
The estate of late businessman Naushad Merali, whose Yana Investments Limited saw its holdings decline by 11.6 million shares worth Sh291.1 million during the period under review, was among the major shareholders who sold part of their stakes.
Merali previously held 97.2 million shares and this dropped to 85.5 million units, representing a 5.2 percent stake.
In the 2021 financial year, the Kenyatta family pocketed up toSh. 652.5 million from its stake of 13.2 percent in the NCBA bank.
The Ndegwa family earned Sh. 580.8 million in dividends for the financial period under review.
This followed the financial reports from the bank which showed net year profit of Sh. 10.22 billion and dividends of Sh. 3 per share for the full year ended December 31, 2021.
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