The National Social Security Fund (NSSF) sold shares valued at Sh837.2 million in the three months prior to December, according to earlier disclosures from KCB Group, which has since changed its shareholding structure and removed those documents.
Corrections have been made by the lender to reflect that NSSF purchased an additional 21.36 million shares in the three months leading up to December, bringing its position to a high of 9.73 percent. This was still the case as of the end of March.
The most recent declaration is a revision to the earlier filing, which was made public in February and showed that NSFF had sold 21.63 million shares over the preceding three months, reducing its ownership interest in the lender to 8.39 percent.
As a result of the adjustment, NSSF, between October and December last year spent about Sh809.6 million accumulated KCB shares in the period the bank’s share price averaged Sh37.90.
The NSSF has been steadily increasing its stake in the lender and other large blue chips at the Nairobi Securities Exchange (NSE), eyeing its stable fundamentals and regular dividend payments that complement investment income from government securities.