Co-operative Bank of Kenya’s chief executive, Gideon Muriuki, bought 14.6 million shares of the lender currently worth Sh173 million in the six months to June 2023, restoring his ownership to a 2.0 percent stake.
Regulatory filings show his shareholding rose from 1.75 percent in December 2022 to 2.0 percent in June, cementing his position as the top individual investor in the Nairobi Securities Exchange-listed firm.
Shareholding by a company’s insiders — executives and directors — are seen as a signal of confidence about the company’s prospects.
This is especially the case when such insiders buy the shares in the market with own money. Other listed companies’ executives also hold significant stakes in their firms but the shares are largely the result of grants or heavily discounted options issued as part of their compensation.
Mr Muriuki previously held a two percent stake in Co-op Bank but sold part of the shares in 2020, lowering his ownership to 1.75 percent.
