https://www.businessdail...h-of-65-percent-2727918
Local investors have snapped up Sh4.47 billion KCB Group shares or an additional 3.9 percent stake in the six months to September as foreign investors sold out in the wake of Covid-19 pandemic disruptions.
Latest KCB shareholder profile for September shows that locals took up an additional 124.899 million shares in Kenya’s top lender, rising their stake to all-time high of 2.089 billion shares or 65.04 percent.
This is compared with the 1.964 billion shares or 61.15 percent of total shares that were in the hands of locals at the end of March.
Foreigners stake in KCB is now at an all-time low of 15.02 percent, coming in the period in which Nairobi bourse foreign investors sell-offs hit Sh23.84 billion.
A total of 40 new institutional investors and 1,416 individual shareholders went for KCB shares during this period even as the existing ones ramped up their stakes.
The latest profile means that foreigners now hold the smallest stake in KCB with local institutional investors commanding 38.49 percent followed by local individuals (26.55 per cent) and National Treasury (19.76 percent).
The current structure differs sharply with that of end of 2017 when foreigners were the top shareholders in KCB with a stake of 29.25 percent.
Collectively, foreigners have now sold 496.1 million shares in KCB between December 2017 and last September, helping local and institutional investors to tighten grip on KCB.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle