Shares –Africa Intelligence AI report has claimed that President William Ruto wants to acquire major shares in the Standard Group SG Limited.
Ruto is reportedly keen on getting a good chunk of shares in the Moi-owned giant media house which started struggling mid last year with workers going dry without salaries.
The investigative report by AI claims that the wealthy Moi family through, Jushua Kulei’s and other close associates own over 90% of Standard Group stakes.
Kenya’s second-largest media house has key shareholders with the top most being S.N.G Holdings Limited (69.03%), Trade World Kenya Limited (10.90%) and Miller Trustees Limited (10.53%) – all companies linked to the Mois and their associates.
Mr. Kulei’s stake has been described in various reports as ‘substantive’. And Christopher Kulei, Joshua Kulei’s son, joined the Standard Group board in 2020 as a non-executive director.
The potential transaction is reportedly part of Ruto’s plan to neutralize the influence of wealthy and powerful political families including the Mois and the Kenyattas led by former President Uhuru Kenyatta.
It, however, baffles alot for anyone to want to put his investments in a company which is on the downward trend.
But according to economist and experts, political interests could be part of this daring move by the head of State to take over the media house which has not been quite friendly to him in the past.
Currently, workers at the Standard Group are leaving job due to delayed salaries now four months.
