The Government of Kenya controls nearly 70 per cent of the Kenya Electricity Generating Company PLC (KenGen), with banks, institutional investors and individuals sharing the remaining stake in one of the country’s largest electricity producers.
According to KenGen’s 2025 Integrated Annual Report and Financial Statements, the Cabinet Secretary for the National Treasury held 4,615,424,088 shares, representing 69.99 per cent of the company as at June 30.
The remaining 30.01 per cent was distributed among local institutions, individual investors and foreign shareholders, according to the company’s shareholder register.
KenGen had 6,594,522,339 issued shares held by 193,657 shareholder records during the reporting period.
Government Holds Nearly 70 Per Cent of KenGen
The National Treasury was listed as the company’s largest shareholder, with more than 4.6 billion shares, giving the government control of the majority stake.
Its holding is registered under the Cabinet Secretary for the National Treasury, who appears at the top of KenGen’s list of 10 largest shareholders.
Also Read: Who Runs Kenya Power? Full List of KPLC’s Top Leaders
The Government’s ownership is significant because KenGen is a major electricity generator whose operations contribute substantially to Kenya’s national power supply.
The company generated 8,482 gigawatt-hours (GWh) of electricity during the financial year ended June 2025, accounting for 59 per cent of the electricity consumed in the country.
KenGen’s Top 10 Shareholders
Apart from the Government, the list of KenGen’s 10 largest shareholders includes nominee accounts registered under Stanbic Nominees Limited and Standard Chartered Nominees, as well as two individual investors.
Stanbic Nominees Limited appears twice in the ranking: one account holds 495,348,189 shares (7.51 per cent), while another holds 60,148,649 shares (0.91 per cent).
Standard Chartered also features through several nominee accounts, with the largest holding 120 million shares, equivalent to 1.82 per cent.
The two individual investors appearing in the top 10 are Ramila Harji Mavji, with 30 million shares, and Waithaka Ng’ang’a Njihia, with 22,176,900 shares.
KenGen’s Top 10 Shareholders
| No. | Shareholder | Shares held | Ownership |
| 1 | Cabinet Secretary – The National Treasury | 4,615,424,088 | 69.99% |
| 2 | Stanbic Nominees Ltd A/C NR13931504 | 495,348,189 | 7.51% |
| 3 | Standard Chartered Nominees Ltd A/C KE002339 | 120,000,000 | 1.82% |
| 4 | Standard Chartered Nominees Resd A/C KE11450 | 64,702,437 | 0.98% |
| 5 | Stanbic Nominees Ltd R6631578 | 60,148,649 | 0.91% |
| 6 | Standard Chartered Nominees Resd A/C KE11443 | 35,163,194 | 0.53% |
| 7 | Mavji, Ramila Harji | 30,000,000 | 0.45% |
| 8 | Njihia, Waithaka Ng’ang’a | 22,176,900 | 0.34% |
| 9 | Standard Chartered Nominees Resd A/C KE11436 | 16,650,190 | 0.25% |
| 10 | Standard Chartered Kenya Nominees Ltd A/C 131550500013 | 15,250,000 | 0.23% |
The figures show that the two Stanbic nominee accounts collectively hold 555,496,838 shares, representing approximately 8.42 per cent of KenGen.
The five Standard Chartered nominee accounts listed among the top 10 hold a combined 251,765,821 shares, or about 3.81 per cent.
Also Read: KenGen Cuts Dividend to Shareholders
How Much Local and Foreign Investors Own in KenGen
KenGen’s annual report also provides a breakdown of its shareholders according to their investor categories, showing how the company’s ownership is spread between local institutions, individuals and foreign investors.
Local institutions held 5,004,267,982 shares, representing 75.885 per cent of the company.
Local individual investors accounted for 899,895,903 shares, or 13.646 per cent, while foreign investors held 690,358,454 shares, or 10.469 per cent.
The report listed 7,736 local institutional shareholder records, 185,008 local individual records and 913 foreign investor records.
The distribution was as follows:
| Investor category | Shareholder records | Shares held | Ownership |
| Local institutions | 7,736 | 5,004,267,982 | 75.885% |
| Local individuals | 185,008 | 899,895,903 | 13.646% |
| Foreign investors | 913 | 690,358,454 | 10.469% |
| Total | 193,657 | 6,594,522,339 | 100% |
The figures show that local investors account for the bulk of KenGen’s ownership, with foreign shareholders holding slightly more than a tenth of the company.
Other Shareholders Hold 16.98 Per Cent
Outside the 10 largest shareholders, KenGen groups the remaining investors under the category ‘Others’.
The category accounts for 1,119,658,692 shares, representing 16.98 per cent of the company’s total issued shares.
It comprises 193,647 shareholder records, indicating that many investors hold smaller stakes in the electricity generator.
The annual report does not provide a separate list of all these investors in the top-10 shareholder table.
KenGen is listed on the Nairobi Securities Exchange (NSE), allowing investors to buy and sell its shares through the stock market.
Follow our WhatsApp Channel and X Account for real-time news updates, and subscribe to our YouTube Channel for in-depth interviews.
