AccessKenya Gains for Third Day on Owner Report: Nairobi Mover

AccessKenya Group Ltd. (ACCESS), the East African nation’s only publicly traded Internet company, gained for a third day after Business Daily reported the founders of the company had increased their shareholding.

The stock climbed 7.2 percent to 5.20 shillings by the close in Nairobi, the biggest gain since Jan. 4. The stock has advanced 1 percent this year, compared with an 18 percent jump for the NSE All Share Index.

AccessKenya’s founders have increased their total stake to 29.6 percent in December from 25.3 percent in October, Business Daily reported May 24. The Somen family, including Managing Director Jonathan Somen and Executive Director David Somen, bought 8.9 million shares during the period, the Nairobi-based newspaper said, citing filings with the market regulator.

“There has been talk that the Somens have been buying their shares; that is something that would cause a bit of appetite for the stock because it could point to things improving,” Eric Musau, a research analyst at Nairobi-based Standard Investment Bank Ltd., said in a phone interview today.

Kenya’s markets regulator said it approved AccessKenya Ltd.’s issue of one new bonus share for every 20 held. The company plans to issue 10.4 million new shares in lieu of a dividend, the Capital Markets Authority said May 29.

To contact the reporter on this story: Eric Ombok in Nairobi at eombok@bloomberg.net

To contact the editor responsible for this story: Bryson Hull at bhull5@bloomberg.net

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