Foreign investors, Kenyan institutions and individual shareholders own stakes in companies listed on the Nairobi Securities Exchange (NSE), with shareholding varying across sectors such as banking, telecommunications, energy, manufacturing and insurance, according to the latest data from the Capital Markets Authority (CMA).
The CMA Quarterly Capital Markets Statistical Bulletin for the month ending June 202 shows some companies are majority-owned by foreign investors, while others are controlled by Kenyan institutional investors such as pension funds, investment firms and state-owned entities. A smaller number have individual shareholders as the largest owners.
Among the companies with high foreign ownership are TotalEnergies Marketing Kenya, BK Group, Stanbic Holdings and Absa Bank Kenya.
On the other hand, firms such as Safaricom, Kenya Pipeline Company, Co-operative Bank of Kenya and Kenya Airways are largely owned by Kenyan institutions.
The ownership figures provide a snapshot of who holds the biggest stakes in some of Kenya’s best-known listed companies and how ownership is distributed among foreign investors, local institutions and individual shareholders.
Foreign Shareholders Hold Majority Stakes in Key Companies
TotalEnergies Marketing Kenya Plc recorded the highest foreign ownership among listed companies, with foreign shareholders controlling 94.99 per cent of the company.
The energy firm had foreign investors holding 598 million shares, while local individual investors held 3.79 per cent and local institutions owned 1.22 per cent.
Meanwhile, in the banking sector, BK Group Plc reported foreign ownership of 92.16 per cent, making it one of the most foreign-owned listed companies. Local institutions held 7.13 per cent, while Kenyan individuals owned 0.71 per cent.
Stanbic Holdings Plc also recorded high foreign ownership, with international shareholders controlling 81.39 per cent of the company.
Local institutions owned 15.15 per cent, while individual investors held 3.45 per cent.
Other companies where foreign shareholders controlled majority stakes included:
* British American Tobacco Kenya Plc — 73.92 per cent foreign ownership
* Liberty Kenya Holdings Ltd — 73.62 per cent foreign ownership
* WPP Scangroup Plc — 71.48 per cent foreign ownership
* Absa Bank Kenya Plc — 70.03 per cent foreign ownership
* TPS Eastern Africa Ltd — 76.81 per cent foreign ownership
Companies With the Highest Foreign Shareholders
| Rank | Company | Foreign Shareholding | Local Individuals | Local Institutions |
|---|---|---|---|---|
| 1 | TotalEnergies Marketing Kenya Plc | 94.99% | 3.79% | 1.22% |
| 2 | BK Group Plc | 92.16% | 0.71% | 7.13% |
| 3 | Stanbic Holdings Plc | 81.39% | 3.45% | 15.15% |
| 4 | TPS Eastern Africa Ltd | 76.81% | 6.08% | 17.11% |
| 5 | Trans-Century Plc | 76.32% | 21.55% | 2.13% |
| 6 | Standard Chartered Bank Kenya Plc | 75.12% | 13.30% | 11.59% |
| 7 | British American Tobacco Kenya Plc | 73.92% | 8.74% | 17.35% |
| 8 | Liberty Kenya Holdings Ltd | 73.62% | 18.59% | 7.79% |
| 9 | WPP Scangroup Plc | 71.48% | 24.35% | 4.16% |
| 10 | Absa Bank Kenya Plc | 70.03% | 13.89% | 16.07% |
Also Read: Safaricom, KCB Lead Top 10 Most Traded NSE-Listed Companies in 2025 (FULL LIST)
Safaricom Among Companies Dominated by Local Investors
Kenyan investors continue to hold significant ownership in some of the country’s largest companies.
Safaricom Plc, one of the most valuable companies listed on the NSE, recorded foreign ownership of only 6.38 per cent.
Local institutions controlled the largest share at 89.39 per cent, while local individual investors held 4.24 per cent.
Kenya Pipeline Company Plc recorded one of the highest levels of local institutional ownership, with institutions controlling 98.60 per cent of shares.
Foreign investors held only 0.08 per cent, while local individuals owned 1.32 per cent.
KenGen Plc also recorded strong local ownership, with local institutions controlling 75.82 per cent and foreign investors holding 9.97 per cent.
Kenya Power and Lighting Company (KPLC) had local institutions owning 65.38 per cent, while individual investors held 27.81 per cent and foreign shareholders owned 6.81 per cent.
Companies With the Highest Local Institutional Shareholders
| Rank | Company | Local Institutions | Foreign Investors | Local Individuals |
|---|---|---|---|---|
| 1 | Bamburi Cement Plc | 100.00% | 0.00% | 0.00% |
| 2 | Kenya Pipeline Company Plc | 98.60% | 0.08% | 1.32% |
| 3 | Sanlam Kenya Plc | 93.23% | 0.48% | 6.29% |
| 4 | Co-operative Bank of Kenya Plc | 83.33% | 0.25% | 16.42% |
| 5 | East African Breweries Plc | 84.17% | 9.51% | 6.33% |
| 6 | NCBA Group Plc | 89.29% | 0.35% | 10.36% |
| 7 | Safaricom Plc | 89.39% | 6.38% | 4.24% |
| 8 | Kenya Airways Plc | 88.72% | 8.02% | 3.26% |
| 9 | HF Group Plc | 87.88% | 0.28% | 11.83% |
| 10 | Sasini Plc | 77.89% | 0.96% | 21.15% |
Also Read: Imperial Bank Places Two Companies Under Receivership, Issues Notice to Creditors
Companies Where Individual Kenyans Own Majority Shares
While institutions dominate ownership in many major firms, some listed companies are largely controlled by individual investors.
Homeboyz Entertainment Plc recorded local individual ownership of 90.33 per cent, the highest among the companies listed in the data.
Flame Tree Group Holdings Ltd had Kenyan individuals owning 96.12 per cent of shares, while Kurwitu Ventures Ltd recorded individual ownership of 99.96 per cent.
Other companies with significant individual investor ownership include:
* Shri Krishana Overseas Plc — 97.83 per cent local individual ownership
* Mumias Sugar Company Ltd — 64.56 per cent local individual ownership
* Home Afrika Ltd — 72.17 per cent local individual ownership
* Centum Investment Plc — 68.35 per cent local individual ownership
Companies With the Highest Local Individual Shareholding
| Rank | Company | Local Individuals | Foreign Investors | Local Institutions |
|---|---|---|---|---|
| 1 | Kurwitu Ventures Ltd | 99.96% | 0.00% | 0.04% |
| 2 | Shri Krishana Overseas Plc | 97.83% | 1.94% | 0.23% |
| 3 | Flame Tree Group Holdings Ltd | 96.12% | 0.54% | 3.34% |
| 4 | Homeboyz Entertainment Plc | 90.33% | 0.00% | 9.67% |
| 5 | Home Afrika Ltd | 72.17% | 3.81% | 24.02% |
| 6 | Centum Investment Plc | 68.35% | 1.79% | 29.85% |
| 7 | Africa Mega Agricorp Plc | 65.58% | 0.04% | 34.37% |
| 8 | Mumias Sugar Company Ltd | 64.56% | 2.70% | 32.74% |
| 9 | Umeme Ltd | 46.57% | 9.70% | 43.73% |
| 10 | Kakuzi Plc | 41.15% | 30.31% | 28.55% |
Ownership in Banking Sector
Kenya’s banking sector recorded some of the biggest differences between foreign and local ownership.
Absa Bank Kenya Plc had foreign shareholders controlling 70.03 per cent of its shares, while local institutions held 16.07 per cent and individual investors owned 13.89 per cent.
Diamond Trust Bank Kenya Ltd recorded foreign ownership of 51.10 per cent, with local institutions holding 29.40 per cent and individual investors owning 19.50 per cent.
Standard Chartered Bank Kenya Ltd reported foreign ownership of 75.12 per cent, while local individual investors held 13.30 per cent and institutions owned 11.59 per cent.
However, several banks had strong local institutional ownership.
The Co-operative Bank of Kenya Ltd recorded local institutional ownership of 83.33 per cent, with foreign investors holding only 0.25 per cent.
KCB Group Plc had local institutions controlling 66.22 per cent of shares, while foreign investors held 9.16 per cent and local individuals owned 24.62 per cent.
Equity Group Holdings Plc recorded foreign ownership of 41.51 per cent, local institutions at 47.65 per cent and local individuals at 10.84 per cent.
Insurance Companies Show Mixed Ownership Patterns
Ownership in the insurance sector also varied significantly.
Jubilee Holdings Ltd recorded foreign ownership of 68.13 per cent, while Kenya Re Insurance Corporation had a more local ownership structure, with local institutions controlling 76.82 per cent.
Sanlam Kenya Plc recorded strong local institutional ownership at 93.23 per cent, with foreign investors holding 0.48 per cent.
Britam Holdings Plc had foreign investors owning 42.60 per cent, local institutions controlling 36.62 per cent and individual investors holding 20.78 per cent.
Tea and Agriculture Firms Reflect Different Ownership Trends
The agricultural sector showed varying ownership patterns.
Williamson Tea Kenya Plc had foreign investors controlling 58.53 per cent, making it one of the most foreign-owned agricultural firms.
Kapchorua Tea Kenya Plc recorded foreign ownership of 29.10 per cent, while local institutions held 54.58 per cent.
Sasini Plc had strong local institutional ownership, with institutions controlling 77.89 per cent of shares.
Kakuzi Plc recorded local individual investors as the largest group, owning 41.15 per cent, followed by foreign investors at 30.31 per cent.
Manufacturing and Commercial Companies
In manufacturing, East African Breweries Plc recorded local institutional ownership of 84.17 per cent, while foreign investors held 9.51 per cent.
British American Tobacco Kenya Plc, however, remained largely foreign-owned, with international investors controlling 73.92 per cent.
Among commercial companies, Kenya Airways Ltd recorded local institutional ownership of 88.72 per cent, while foreign investors held 8.02 per cent.
Nation Media Group Plc had foreign ownership of 11 per cent, with local institutions holding 68.47 per cent and individuals owning 20.53 per cent.
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