Bank’s CEO earns Sh600M in share sale-Business Daily

Posted on March 14, 2011

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Mr James Mwangi, CEO Equity Bank

This is the kind of news that makes any investor at the Nairobi Stock Exchange hold on to his shares.

 

According to the Business Daily, Mr James Mwangi, chief executive officer of Equity Bank last year made nearly Sh600 million from the bourse. Mr Mwangi one of the top shareholders of the bank reduced his stakes at the company to 3.83 per cent.

The calculation by the paper indicates that Mr Mwangi reduced his ownership by about 28 million shares. At an average of Sh28 per share that the stock sold at last year,he earned a cool Sh560 million from the sale.

Another shareholder the Late Nelson Muguku also had his stake reduce by about 66 million shares in the bank. Multiplied by the average share price of Sh28, his family earned a neat Sh1.2 billion from the bourse.

Equity Bank listed in 2006 and since then original shareholders have been reducing their stake in it. This has created a wave of billionaires club that Mr Mwangi is firmly part of.

This is truly the kind of stories that gives hope to investors at the NSE. Build up your stocks, you might be the next James Mwangi or Nelson Muguku at the bourse.

You can read the whole story from the Business Daily

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