Kiharu Member of Parliament (MP) Ndindi Nyoro has purchased a total of 20 million shares in a listed infrastructure company following his sale of 11.78 million shares in the Kenya Power and Lighting Company (KPLC).
Nyoro acquired the new shares in TransCentury Plc, an infrastructure company listed on the Nairobi Securities Exchange (NSE).
The legislator’s ownership currently worth Ksh8.6 million, amounting to a 1.77 per cent stake, appeared in regulatory filings recorded in February 2024.
Following his acquisition, the Kiharu MP is now placed fourth among the top shareholders of the company.
According to data from NSE, Nyoro ranks behind private equity firm Kuramo which owns 74 per cent, Anne Pearl Karimi Gachui (1.9%) and Michael Gitau Waweru (1.89%).
His new acquisition came following his sale of 11.78 million shares in KPLC between June and December 2023 which was equivalent to 36 per cent of his total stake.
In June 2023, the lawmaker owned a Ksh51.35 million stake in Kenya Power which comprised 32.5 million shares at the then prevailing price of Ksh1.58.
Nyoro in KPLC
However, his stake in Kenya Power had declined by the end of December 2023 to 20.72 million shares following the sale of his partial stake.
Nyoro who is the chair of the National Assembly’s Budget & Appropriations Committee holds an Economics degree from Kenyatta University (KU).
He was elected at the Kiharu MP in the 2017 general elections having served as the Chairperson of Kiharu Constituency Development Fund (CDF) from 2013 to 2016.
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In a past press interview, the MP revealed that he has dealt in stocks since 2006 when he was hired by stockbrokers while he was still an Economics student at KU.
TransCentury Plc
TransCentury Plc on the other hand is an Investment Holding Company which focuses on infrastructure specifically in the Energy & Power, Transport, Water, Engineering, Industrial, and Agriculture sectors.
Headquartered in Kenya, the Company is listed on NSE and has investments across East, Central and Southern Africa.
In April 2014, the company announced that its subsidiary Safari Rail Company Limited had sold its entire stake equaling to 34% in Rift Valley Railways (RVR), to Africa Railways, a subsidiary of Citadel Capital.
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Subsequently, the infrastructure firm opened a rights issue in December 2022 with the goal of raising up to Ksh2 billion to unlock new working capital by offering five new shares for every one share held.
According to NSE, Trans Century Limited is currently the 58th most valuable stock on the stock market with a market capitalization of Ksh169 million, which is about 0.01% of the NSE’s equity market.
Additionally, by the end of Thursday, March 21, 2024, the company closed its trading at a share price of Ksh0.45 per share on NSE.
It is the 20th most traded stock on NSE over the past three months (Dec 21, 2023 – Mar 21, 2024), trading a total volume of 1.76 million share valued at Ksh810,105 over the period, with an average of 27,960 traded shares per session.
Furthermore, the NSE-listed firm has Ksh1.1 billion issued shares following the December 2022 rights issue, up from Ksh375.2 million previous shares.
