Billionaire investor Baloobhai Patel has bought an additional 28.4 million shares of Absa Bank Kenya with a current market value of Sh625.9 million, entrenching his position as the bank’s top individual shareholder.
Mr Patel bought the shares in the eight months ended August, during which time his stake increased to 1.72 percent, up from 1.2 percent in December 2024.
Regulatory filings show his ownership increased to 93.4 million shares worth Sh2 billion based on Absa’s closing price of Sh22 on Thursday.
This was up from the 65 million shares he held in December 2024.
The bank shares have rallied by 16.7 percent since the beginning of the year, with investors attracted by the lender’s higher dividend payout and profit growth.
The bank has been increasing its dividend payout per share by Sh0.2 each in each of the last four years, thanks to improved earnings.
Last year, the bank paid a dividend of Sh1.75 per share, meaning Mr Patel was entitled to a dividend of more than Sh113 million before a five percent withholding tax.
Absa maintained an interim dividend of Sh0.2 per share when it announced its results for the half year to June 2025.
The interim dividend is payable on or before October 15 to shareholders who were on its books as of September 19.