Late Kenyan Naushad Merali’s Family, rakes in $2.33 million from Sasini Tea in a day

Today’s trading session on the Nairobi Securities Exchange, saw the family of the late Kenyan tycoon Naushad Merali witness a remarkable surge in the market value of their stake in Sasini Tea. 

The shares of the Agricultural firm, according to Billionaires Africa, surged by 9 percent on the Nairobi Securities Exchange, contributing to a Ksh 298.57 million ($2.33 million) increase in the holdings of the multimillionaire Kenyan family.

Sasini, a leading agricultural group on the Nairobi Securities Exchange, is currently trading its shares at Ksh24 ($0.187) per share, which represents an impressive 9.09 percent increase from their opening price of Ksh22 ($0.17185) per share earlier today.

This sudden increase in the agricultural company has pushed its market capitalization on the local bourse to Ksh5.5 billion ($42.7 million). This has solidified its position as the 22nd most valuable company listed on the Nairobi Securities Exchange.

Due to the upsurge in Sasini shares, which increased from Ksh22 ($0.17185) this morning to Ksh24 ($0.1874) at midday on the local bourse, the market value of the family’s 65.46 percent stake in the company has risen byKsh298.57 million ($2.33 million), from Ksh3.28 billion ($25.65 million) to Ksh3.58 billion ($27.99 million).

This has also reinforced the family’s position as not only one of the wealthiest families in Kenya but also in the entire East African region. The company then released its financial results which revealed a significant increase in profits during the review period.

Sasini had recently published its financial statement which indicated that the company’s net profit for the fiscal year ended September 2022 was Ksh1.17 billion ($9.45 million). This more than doubled the Ksh573.2 million ($4.63 million) recorded in the corresponding period in the previous year.