Tightening the grip : Kiuna And BOC

Kenya's #1 newsletter among business leaders & policy makers

June 12, 2025

Kiuna Ngugi was not thrilled by the proposed buyout of BOC by its rival Carbacid. It was a relief for him when the deal collapsed. And now, he is on a quest to solidify his stake.

Welcome. I am Brian from The Kenyan Wall Street…

Capital Markets

🎯 Kiuna Ngugi’s Long Game at BOC Kenya

Kiuna Ngugi, once a quiet stakeholder, has now emerged as a power player at BOC Kenya, nearly tripling his stake since 2018 to block a KSh 1.2 billion buyout bid. After derailing the Carbacid-Aksaya takeover with a tribunal challenge and strategic patience, he now holds nearly 18% of the company. His legal argument—that the offer undervalued BOC’s assets and dominance—ultimately prevailed. With 3.5 million shares in hand, Ngugi has cemented his role as kingmaker in Kenya’s industrial gases sector. Read more »»»»»

🧩 Inside Sanlam Kenya's Shareholder Shuffle 

Sanlam Kenya’s South African parent, Hubris Holdings, has upped its stake to 66.19% — with a possible rise to 71.47% — following a KES 2.5 billion rights issue, triggering takeover regulations. Under the rules set by the Capital Markets Authority (CMA), this would normally require a mandatory offer to minority shareholders. But Hubris and Sanlam Allianz Africa are seeking an exemption, arguing the deal was a lifeline to repay a KSh 4 billion Stanbic loan and strengthen the insurer’s future. Now, the Capital Markets Authority must weigh fairness, burden, and shareholder interest in deciding whether to waive the takeover requirement. Read here »»»»»

NSE Gainers And Losers

Source : NSE

Also Read…

❗ Kenya lands on the EU Grey List

In a move likely to rattle investor confidence, the European Commission has proposed adding Kenya to its anti-money laundering grey list, aligning with the FATF’s February 2024 designation. The listing subjects Kenyan transactions to heightened scrutiny across the EU, potentially slowing business and increasing costs. While nine other countries face the same fate, Uganda and others are lobbying for removal amid shifting regulatory tides. Read more »»»»»

Kenya Joins Uganda, Rwanda, Tanzania in Presenting 2025/26 Budget Highlights

Kenya's Treasury CS John Mbadi is expected to provide clarity on how the Treasury intends to fund the 2025/26 Budget.

kenyanwallstreet.com/kenya-joins-uganda-rwanda-tanzania-in-presenting-2025-26-budget-highlights

Court Awards KSh 2.08mn to Ex-Employee Caught Up in Kenya Airways-KLM Contract Dispute

The Employment court has ruled that the dismissal of Michael Kariuki Nderitu by Kenya Airways Plc was unfair, awarding him KShs 2.08 million

kenyanwallstreet.com/court-awards-ksh-2-08mn-to-ex-employee-caught-up-in-kenya-airways-klm-contract-dispute

Kenyan Startup Solar Panda Acquires Zambian Solar Firm In Expansion Move

Solar Panda, a Kenyan provider of solar energy solutions for off-grid communities, has acquired Vitalite Zambia Limited.

kenyanwallstreet.com/kenyan-energy-firm-solar-panda-acquires-zambian-solar-firm-in-expansion-move

Opinion

How Higher Capitalisation Will Reshape Kenya's Banks, Economy

Fewer banks with more capital may catalyze the mobilization of domestic savings, boost national investment, support economic modernization.

kenyanwallstreet.com/how-higher-capitalisation-will-reshape-kenyas-banks-economy

On your watchlist

Yesterday's Poll Results

Do you think the Hustler Fund can recover most of the loans it disbursed and stem defaults?

⬜️⬜️⬜️⬜️⬜️⬜️ Yes (0%)

🟩🟩🟩🟩🟩🟩 No (100%)

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