Co-op Bank MD Gideon Muriuki boost his stake at CIC Insurance Group by 20.1million shares
The Managing Director and Group Chief Executive Officer (CEO) for Cooperative Bank of Kenya Limited Gideon Muriuki has boosted his stake at CIC Insurance Group by purchasing an extra 20.1million shares over the past year.
This solidifies him as the top investor individual at the insurer in the year ending December 2023.
According to CIC’s latest annual report, Muriuki’s holdings increased to 158 million shares, up from 137.8 million in the previous year.
With the newly acquired shares valued at around Sh45million ($0.34 million) based on current market prices, his ownership stake rose to six percent from the previous 5.3 per cent.
Muriuki’s strategic investment reflects growing confidence in CIC Insurance Group’s prospects, a sentiment shared by other key investors.
CIC Chairman Nelson Kuria, who previously served as the insurer’s Chief Executive Officer (CEO) also increased his stake to 16.2 million shares from 15.7 million, maintaining a 0.6 percent holding.
Despite these substantial changes in shareholder composition, CIC CEO Patrick Nyaga, a former finance and strategy director at Co-op Bank, retained his 12.8 million shares, representing a 0.5 percent stake.
Muriuki’s increased stake in CIC Group, alongside his 1.75 percent stake in Co-op Bank, solidifies his position among the wealthiest investors on the Nairobi Securities Exchange.
His 158 million shares in CIC Group are currently valued at Ksh357.18 million ($2.74 million).
