This archive report was first published on 29 September 2019.
On September 29, 2019, Kakuzi's share price hit an all-time high of Sh423.50, marking a significant milestone for the agricultural firm.
The surge in share price can be attributed to billionaire investor John Kibunga Kimani's purchase of an additional stake worth Sh101 million, as revealed in regulatory filings for July.
With this new investment, Mr. Kimani's stake in Kakuzi has risen to a new high of 32 percent, further boosting the firm's market capitalization to Sh8.3 billion.
Notably, Kakuzi has bucked the trend among the six plantation stocks at the Nairobi Securities Exchange (NSE) as the only one with a price gain in the year-to-date, up 36.6 percent since January.
Standard Investment Bank (SIB) attributed the rise in share price to Mr. Kimani's increased ownership, stating, "Kakuzi is at its highest recorded price possibly on news of increased ownership by a major shareholder."
"Kakuzi is at its highest recorded price possibly on news of increased ownership by a major shareholder," said SIB in a market note.
Despite the general bear market on the NSE and depressed prices affecting agricultural firms, Kakuzi has managed to maintain its upward trajectory.
Other plantation stocks, such as Sasini, Williamson Tea, Limuru Tea, Eaagads, and Kapchorua, have experienced declines in their share prices since January, with Sasini taking the biggest hit at 14.57 percent.
