Kenyan billionaire Chris Kirubi dies at 80

Kenyan billionaire and business mogul Chris Kirubi passed on yesterday. Kirubi was the single largest investor in Centum Investment Company PLC whose stock is listed on both the Nairobi Securities Exchange and on the Uganda Securities Exchange. So how have the markets reacted to this news? CNBC Africa is joined by Investment analyst at Cytonn, Justin Mwangi for more.

Tue, 15 Jun 2021 10:21:13 GMT

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AI Generated Summary

Investors reacted with shock to the passing of Chris Kirubi, the largest investor in Centum Investment Company PLC, reflecting uncertainty in the markets.
Centum Investment Company PLC is expected to maintain its strength despite Kirubi's absence, thanks to its robust long-term strategies and resilience.
Kirubi's strategic acumen and bold investment decisions, like backing Kenya Airways during tough times, showcased his visionary approach and yielded long-term returns.

Kenyan billionaire and business mogul, Chris Kirubi, passed away yesterday, leaving a significant void in the business world. Kirubi, who was the single largest investor in Centum Investment Company PLC, a company listed on both the Nairobi Securities Exchange and the Uganda Securities Exchange, was known for his influential presence and strategic investments. Upon his passing, the markets reacted with shock, as investors grappled with the uncertainty of his absence. Justin Mwangi, an investment analyst at Cytonn, shared insights on the impact of Kirubi's death on the markets. Mwangi emphasized that Kirubi's legacy and influence in the business sector extended beyond his direct investments, such as his 30% stake in Centum. He highlighted that Centum, known for its resilience and long-term strategies, was expected to remain steadfast amidst the loss of its majority shareholder. Mwangi also discussed the future of the companies Kirubi was involved in, emphasizing the need for a smooth transition of leadership to uphold the brands' reputations and strategies. Kirubi's bold business moves, such as his investment in Kenya Airways during challenging times, reflected his long-term vision and strategic acumen. His calculated risks often paid off, reinforcing his reputation as a savvy investor. Beyond Kirubi's legacy, Mwangi delved into the current trends in the Nairobi Securities Exchange, particularly focusing on companies like Crown Paints and TransCentury Limited opting for rights issues. While these decisions were driven by internal factors like expansion plans and debt management, the success of these initiatives remained uncertain. Mwangi noted the importance of clarity in how the raised capital would be utilized to ensure the desired turnaround for the companies. As the markets navigate the aftermath of Kirubi's passing and monitor the performance of key companies, the legacy of this iconic businessman continues to shape the landscape of the Kenyan business scene.