NSE’s female billionaires gain Sh2 billion in six months

Women stock market billionaires added nearly Sh2 billion to their paper wealth in the past six months riding the wave of steady price rallies on select counters where they have a presence.

Lawyer Jane Wanjiru Michuki tops the list of big gainers who saw her portfolio increase by Sh1.2 billion ahead of businesswoman Jane Wangui, who gained Sh768.9 million.

Leah Wanjiku Muguku, a kin of the late business magnate Nelson Muguku, closes the exclusive list of the stock market’s women billionaires, having gained Sh306.9 million in the same period.

A recent price drop at Carbacid temporarily knocked off its top woman shareholder Amarjeet Patel from the billionaires’ league, shrinking her wealth to Sh802 million.

The four women, however, saw their combined portfolios increase by Sh1.8 billion or 21.4 per cent to Sh10.6 billion. The data was obtained from the August regulatory filings by Nairobi Securities Exchange (NSE)-listed firms.

MULTIPLE ACCOUNTS

The NSE’s list of women billionaires is a mix of self-made individuals, inheritors of large estates and beneficiaries of first generation wealth.

Ms Michuki’s 9.5 per cent stake in financial services firm Britam is now valued at Sh4.5 billion, having benefited from a 40 per cent rallying of the stock price which closed trading at Sh25 Thursday.

Ms Michuki, who owns the stake through an investment vehicle Equity Holdings where she has a 44.4 per cent stake, has not traded any of her 179.8 million shares in Britam since the company went public in July 2011.

The remaining 55.6 per cent stake in Equity Holdings is owned by billionaire businessman Peter Munga, who also owns large chunks of Britam’s stock through multiple accounts.   

Ms Michuki is a managing partner at Kimani & Michuki Advocates, a city law firm that advised Equity Bank ahead of its listing in August 2006.

When Britam first listed at the NSE, Ms Michuki’s stake was valued at Sh1.6 billion but a recent price rally has significantly increased her wealth.

This means the lawyer’s paper wealth has nearly tripled in three years, making her one of Kenya’s wealthiest women.

Ms Michuki also bought a minority stake in Equity Bank in 2004 having acquired shares worth Sh10 million in a private placement that netted a total of Sh725.1 million, but it is unclear whether she still retains an interest in the lender.

Ms Michuki, who continues with her law practice, holds a Bachelor of Laws degree from the University of Nairobi and a Master’s degree in International Law and Development from the University of Warwick in the UK.

Ms Wangui is second in the list of paper billionaires with Sh3.7 billion worth of shares held in Equity Bank and Britam. Her 1.62 per cent stake in the bank is now worth Sh3 billion, buoyed by a 23 per cent share price rally in the past six months.

The businesswoman also holds a 1.5 per cent interest in Britam through the investment vehicle Filimbi Limited she owns on a 50:50 basis with Mr Munga.

Regulatory filings show that Filimbi sold or transferred 31.5 million Britam shares between March and May last year, indicating that the co-investors may have earned Sh260 million based on the firm’s share price at the time.

FEW WOMEN

Ms Muguku, who is listed as the representative of the late Muguku’s estate, holds a 0.9 per cent stake in Equity Bank worth Sh1.6 billion — a residual stake that remained after the family sold shares worth billions of shillings following the death of the entrepreneur five years ago.

Had the Muguku’s stake remained intact as it were during the bank’s listing, it would now be worth Sh15.2 billion.

Little is known of Mrs Patel whose Carbacid stake was worth Sh1.2 billion six months ago before receding to the current Sh802 million, representing a 37 per cent drop.

The relatively small number of women billionaires at the NSE reflects the dominance of men in the investment market. 

There are more than 15 men holding stocks worth billions of shillings, including Chris Kirubi, Baloobhai Patel and Jimnah Mbaru.

More women are, however, appearing in the lists of major shareholders, with the latest filings showing that more than 50 now have stakes worth millions of shillings.