Equity Bank top shareholder seeks to buy Stanchart Bldng along Moi Avenue

Posted on March 21, 2011

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The family of the late billionaire poultry farmer Nelson Muguku are lining up to buy the Standard Chartered Building along Moi Avenue.

The family who now manages his estate are said to have sold a substantial stake of the man in Equity Bank to purchase the building that is on sale at undisclosed value.

According to the Annual Report and Financial Statement 2010 of Equity Bank, Mzee Muguku is currently the third largest shareholder with a 4.30 per cent holding of the bank.

This translates to about 160 million shares of the bank listed at the Nairobi Stock Exchange. Significantly, this also makes him the single most largest shareholder of the tier one bank.

The family realised an estimated Sh1.2 billion from the sale. However it is not known if sale was a one-off or was done in bits.

Standard Chartered Bank has moved out to its headquarters to a new complex along Museum Hill in Nairobi. Already Mr Price a subsidiary of the Deacons Ltd has moved in as part of the new tenants of the building.

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