Kiharu MP Ndindi Nyoro (left) and Kenya Power building in Nairobi CBD. Annual Report and Financial Statements show that Kiharu Member of Parliament Samson Ndindi Nyoro is among the top individual shareholders at the troubled Kenya Power and Lighting Company – KPLC .
The company’s annual report dated 30th June 2021 revealed that the lawmaker owns a total of 9,116,800 ordinary shares translating to 0.46 per cent.
At the time of releasing the Financial Report, each share retailed at Ksh2.50 bringing the total net worth of the lawmaker in the ailing monopoly power supplier at Ksh22,792,000. Currently, a share of Kenya Power goes for Ksh.1.48 on the Nairobi Stock Exchange (NSE). Nyoro is only one of the 20 shareholders in the utility firm, enjoying super monopoly in the country and among only eight individual shareholders at the company. Kiharu MP Ndindi Nyoro Speaking on Saturday, August 21 Twitter The National Treasury is the largest shareholder of Kenya Power with a total of 977,641,695 valued at Ksh2.4 billion followed by Standard Chartered Residual nominees as well as the non-residuals.
In the individual shareholder category, Naran Khimji Hirani and Virji Khimji Hirani, who jointly own 23,845,264 lead the pack followed by Suresh Naran Ratna who owns 17,221,225.
Kenya Power, which is now undergoing restructuring in a bid to save it, and is being overseen by a team constituted by President Uhuru Kenyatta, has experienced perennial losses over the years.
In the latest records released in June 2021, the company made a pre-tax loss of Ksh7.04 billion.
“We are going to do a forensic audit of some of our systems and procedures at KPLC. We are working jointly at an inter-ministerial level to reduce the system losses including the theft of power.
"We will address all challenges that result in passing unnecessary costs to consumers,” Stated Interior CS Fred Matiang’i.
The Kenya Power shares are only a fraction of Nyoro’s overall wealth that could rank him among Kenya’s wealthiest politicians.
In a past interview, he noted that he started out as a cobbler and a hawker in Murang’a. His investment portfolio cuts across various sectors of the economy; stock brokerage, communication, construction, civil works, water engineering, and drilling.
The lawmaker owns Afrisec Telecoms, Investax Capital, and Telesec Africa. The three companies stand at a valuation in the excess of Ksh300 million with an annual turnover of Ksh50 million.Nyoro’s first financial startup, Stockbridge Securities, struggled at infancy because of poor internet connectivity which […]