The company’s annual report of June 30, 2021 revealed that the MP owns a total of 9,116,800 shares, equivalent to 0.46%.
At the time of the release of the financial report, each share was selling for Ksh 2.50, bringing the total value of the struggling electricity supplier to Ksh 22,792,000. Currently, Kenya Power shares are worth Ksh 1.48 on the Nairobi Stock Exchange (NSE).
Nyoro is just one of 20 shareholders in the corporation, enjoying the highest monopoly in the country and among the only eight shareholders in the company.
The National Treasury is the largest shareholder in Kenya Power with a total of 977,641,695 valued at 2.4 billion Kenyan shillings, followed by the remaining leased and non-residual applicants.
In the group of private shareholders, Naran Khimji Hirani and Virji Khimji Hirani, who together own 23,845,264, lead the group, followed by Suresh Naran Ratna who owns 17,221,225.
Kenya Power, which is being restructured in an attempt to save it and be managed by a team assembled by President Uhuru Kenyatta, has suffered permanent losses for many years.
In the most recent record released in June 2021, the company recorded a pre-tax loss of Ksh 7.04 billion.
“We will conduct a professional audit of some of our systems and procedures at KPLC. We work together at various departmental levels to minimize system losses, including electrical theft.
“We will address all the challenges that lead to the transfer of unnecessary costs to consumers,” Homeland Security Minister Fred Matiang’i said.
Kenya Power shares are only a small part of Nyoro’s total wealth, which could place him among the richest politicians in Kenya.
In an earlier interview, he noted that he started out as a shoemaker and salesman in Murang’a. Its investment payments cover a wide range of economic sectors; stock brokerage, communications, construction, public works, water engineering and drilling.
The MP owns Afrisec Telecoms, Investax Capital and Telesec Africa. The three companies are valued at more than Ksh 300 million and annual sales of Ksh 50 million.
The first line of financial services, Stockbridge Securities, suffered in its early stages due to poor internet connection which led to delays in trading.
“I could not continue with Stockbridge after starting Investax Capital due to a conflict of interest,” he noted.
Investax Capital is one of the largest stock brokers in East and Central Africa, according to media reports.