Kiharu Member of Parliament, Ndindi Nyoro becomes the largest individual shareholder after he tripled his shares at the Kenya Power and Lighting Company (KPLC).
Nyoro tripled his shares from 9,116,800 shares at the end of June 2021 to 27,291,400 shares by the end of June 2022 citing that his decision to invest in KPLC was due to its immense revenue and assets.
“The company is valued at less than 1 per cent of its asset value. I am buying KPLC shares because I know we can fix issues of electricity when allowed to make decisions. It has a lot of sleeping capital which can be used to assist more homes,” Nyoro explained.
The latest filings by the Capital Markets Authority (CMA) indicate that his shares jumped from 9,116,800 shares in June, 2021 to 27,291,400 shares a year later.
He stated that his decision was based on fundamentals of investments as well as financial instincts.
Nyoro noted that the valuation of Kenya Power is based on several factors including the high debt Portfolio, huge unpaid bills, especially from the government of Kenya and inefficiencies stemming from being “government-run”.
“With gross full-year revenues of approximately Sh150 billion, assets of around Sh325 billion, probably Kenya Power is undervalued. The market values the company at around 1 per cent of its assets base. The current market capitalisation being at around Sh3 billion,” he said
The National Treasury is the largest shareholder, with 978,492,034 shares by the end of June 2022 while Standard Chartered Residual nominees come second with 32,518,589 shares.
Shah Mahendra Kumar Khetsi rounds up the individual category with 11,024,900.
According to data from the Nairobi Stock Exchange, a share of Kenya Power retails at Sh1.60.
Nyoro noted that the asset value was a great opportunity for any buyer seeking to encourage himself in the venture.
He defeated Naran Khimiji Hirani who was the largest individual shareholder as of last year.
They jointly own 23,845,364 total shares at KPLC.
Being a close confidant of President-elect William Ruto, Nyoro attributes himself as a hustler and a champion of ordinary Kenyans.