Billionaire Baloobhai Patel has transferred his 49.9 percent stake in Carbacid Investments to his private firm Aksaya Investment Holdings, marking the latest restructuring of his Nairobi bourse portfolio.
The deal, disclosed in June regulatory filings, adds to the several that he has made in firms such as Absa Bank Kenya and Sanlam Kenya as part of succession plan. The businessman previously held the shares directly.
The Nairobi Securities Exchange (NSE) Friday trading valued Mr Patel’s 127.17 million shares in Carbacid at Sh2 billion, going by the Sh15.75 per share closing price.
Carbacid’s share has gained by about 31 percent since the start of the year. The share closed December last year trading at Sh12 but has been on a gain, increasing the value of Mr Patel’s stake by Sh476.9 million.
