Kenya Power and Lighting Company is a public-owned liability company established to transmit, distributes and retail electricity to Kenya household and business.
The fact that the company boisterously enjoys a monopoly and it offers a very essential product consumed by the economy pushes the company a step ahead in the profit-making journey.
KPLC has bounced back to its winning form, from a 7 billion loss-making venture. Off late, the company’s financial performance has greatly flourished thanks to new regulations and policies that were introduced last year. KPLC revenue has skyrocketed to a whopping 100 billion with a 4 billion profit in a half a year.
The power company has been accused of rendering substandard service, and miss appropriation of resources, also the company’s top managers have on several occasions been caught pants down syphoning billions of cash through dubious contracts.
Lately, the State-owned electricity company has attracted many passive investors.
But who are the big boys that reap big in this company?
1. Chris Kirubi
With 15.6 million shares, the late Billionaire Chris Kirubi was ranked the largest individual shareholder. His share of 0.799 in the company is valued at 300 million.
2. Government (Ministry of Finance )
The Ministry of Finance on behalf of the government has secured 50.09 per share, making the government the major and dominant player in the company.
Other passive owners and benefactors of KPLC billions of Money
Standard Chartered Nominees Read A/C KE 11450- 32 518 589 shares
3. Standard Chartered Nominees —-24 076 000
4. Hirani, Naran & Hirani Virji Khimji—-23 845 000
5. Commercial Bank — 22 887 000
6. NIC Custodial —-21 800 000 shares
7. Varsani Naran Ratna —-7 221 300shares
8. Shah Mahendra Kumar —-13 958 000 shares
9. Standard Chartered Nominees —-12 514 000hares
10. Stanbic Nominees —-12 400 000 shares
11. Patel Sumantrai & Patel Ramaben —97 300 shares
12. Nyoro, Samson Ndindi —– 9 117 000 shares
13. Standard Chartered Kenya LTD-8,920,000shares
14. Stanbic Nominees —8,551,000 shares
15. Ruhari, Ikuah—-8,000,000hares
16. Kaleb Investments —-7,987,000 shares
17. NIC Services—- 7,196,000
18. Pama Atul Atul—-7,180,000 shares
19. Tapioca Limited—-7,113,000
20. Co-op Custody Services — 7,002,000
A financial haemorrhage largely attributed to procurement scams has put Kenya Power in the public eye.
According to an early audit assessment, Kenya Power has a dead stock worth roughly Sh9.8 billion, which is a sign of the electrical provider’s disorganized procurement strategies.
Items like cables, meters, and transformers that have been languishing in the warehouses for more than five years are included in the dead stock.