Moi family shifts Sh520 million StanChart ownership – Business Daily
Standard Chartered Bank branch on Kenyatta Avenue. FILE PHOTO | NMG
The family of the late President Daniel Moi has restructured its ownership in Standard Chartered Bank, with his son appearing among the top individual owners of the listed lender.
Regulatory filings with the Capital Markets Authority (CMA) show 3.884 million shares worth Sh520 million have been transferred from Kabarak Limited to Shawmut Limited.
Kabarak Limited, which was associated with the former president, has held a 1.03 percent stake in Standard Chartered for years.
Mr Moi died in February 2020.
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The shares have been transferred to an investment vehicle labelled Shawmut Limited whose face as director is Eunice Kibiwot Moi, the spouse of John Mark Moi– the second-born son of the former President.
The market regulator did not explain the reasons behind the share transfer, but analysts believe it was linked to the reorganisation of the Moi family empire whose full will and wealth remains a top secret.
The filings have also listed Philip Moi and his son, Alexander Kibet, as owners of 424,100 Standard Chartered shares currently worth Sh60 million—making him the third-largest local individual shareholder in a bank owned 73.82 percent by the British parent company.
This pushed the family ownership to 1.14 percent in a stake that generated dividends worth Sh60.312 million following the bank’s profits of Sh9.04 billion for the year ended December.
Stanchart has in recent years emerged as a top dividend payer among firms listed at the Nairobi Securities Exchange (NSE).
The share has witnessed little trading at the Nairobi bourse on few investors willing to exit the counter that traded 8,600 shares on Wednesday compared to 2.09 million shares for Equity Bank and 226,500 shares for Absa Bank.
Last year, the company paid a record dividend of Sh7.1 billion or Sh14 per share after reporting a 66.2 percent jump in net profit to Sh9.04 billion, the highest in five years.
The improved profitability put the bank in a position to pay the larger dividend — the most generous in the banking industry at nearly 80 percent of net earnings — while remaining well-capitalised to pursue growth.
The bank has reported a 10.9 percent jump in net profit to Sh5.4 billion for the six months to June, helped by an increase in interest income and foreign exchange earnings.
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Its steady dividend payouts over the years have generated hundreds of millions of shillings for the Moi family.
The Moi family is arguably one of the richest in Kenya, based on the business empire it has built over years, with a net worth estimated at tens of billions. This is wealth accumulated before, during and after the former President’s 24-year rule (1978- 2002), with his children, among them outgoing Baringo Senator Gideon Moi, expanding the family dynasty further.
Kenya’s second President remained powerful years after he exited State House, with his businesses playing a major role in the economy.
According to official and non-official records, the family’s business empire spans real estate, transport, education, hotel industry, banking, aviation, manufacturing, media, agri-business, security and construction.
Mr Moi left behind the vast wealth to his daughters and sons.
According to a section of his will, he left a 931-hectare parcel to be held by the Trustees of Kabarak University for the benefit of his five sons.
The sons are listed as Jonathan Kipkemboi Moi, Raymond Moi, John Mark Moi, Philip Moi and Gideon Moi.
The former President gave Sh100 million to each of his daughters – Jenifer Chemutai Moi, Doris Chekorir Moi and June Chebet Moi.
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He appointed lawyer Janmohamed as the executor and trustee of the Will.
The family in recent years has been involved in mega sale deals, in another sign of the review of the multi-billion shilling empire.
Last year, the family received Sh1.7 billion after selling a majority stake in logistics firm Siginon Aviation to a Kuwait-based company. National Aviation Services (NAS) signed a deal to acquire a 51 percent stake in Siginon Aviation — a subsidiary of Siginon Group Limited which provides airport ground handling and cargo management services.