[Source: Business Daily, by Victor Juma]
Squatters neighbouring agricultural firm Kakuzi have risen to the company’s list of top shareholders.
The Kakuzi Neighbourhoods Development Foundation — a philanthropic outfit formed in 2018 to champion the welfare of the squatters — raised its holdings of the firm’s shares to 148,500 units in December, according to Kakuzi’s latest annual report.
This saw the squatters’ investment vehicle rank eighth in the list of top 10 investors in Kakuzi, with the shares having a current market value of Sh44.5 million.
The foundation is backed by billionaire investor John Kibunga Kimani who was raised in the farmland owned by Kakuzi.
The growth of the squatters’ stake in Kakuzi coincided with a slight but rare drop in Mr Kimani’s holding in the company — an indication that the billionaire may have transferred some of his shares to the squatters.
Mr Kimani’s stake in the agricultural firm rose steadily from two per cent in 2005 to 31.19 per cent in August last year before declining to 30.73 per cent in December, regulatory filings show.
The squatters’ stake adds to the growing pressures facing Kakuzi. A group of individuals asked the National Land Commission (NLC) to investigate historical land injustices regarding Kakuzi’s acquisition of its land holdings. The dispute went to court but NLC nevertheless issued a raft of orders against the agricultural firm.
[Full article: Business Daily, by Victor Juma]
