Nairobi, April 3 -- Individuals living around Kakuzi more than doubled their stake in the listed agricultural firm to a new high of 2.38 percent in the year ended December through transactions valued at about Sh101.5 million.

The investors, through Kakuzi Neighbourhoods Development Foundation, increased their ownership by 250,000 shares to 466,598 shares.

The share purchases cost the foundation about Sh101.5 million going by Kakuzi's average share price of Sh405.80 on the Nairobi Securities Exchange last year.

The foundation is backed by former Kakuzi squatter John Kibunga Kimani who has the second-largest stake in the company at 33.27 percent.

The businessman, who was raised in Kakuzi's estates, runs various charities and development...