Co-operative Bank CEO, Gideon Muriuki, has sold almost 10 million shares of the bank worth Sh161 million.
In December 2017, Muriuki’s stake decreased to 1.88 percent (110.3 million shares) from 2.05 percent (120.2 million shares) in September. During this period, the stock traded at an average of Sh16.2.
As reported in one of the local dailies, the CEO has in the past raised and lowered his stake in Co-operative Bank in trades that entail purchasing stocks when they are cheap and collecting profits in strong markets.
For example, in the first seven months of 2013, he bought 10.3 million shares worth over Sh100 million when the price-to-earnings ratio of the stock was about 5. However, his latest sale was made after the share price had increased, raising the ratio to more than 7 percent.
The bank recorded one of the greatest gains on the NSE in 2017 where its market cap inclusive of new bonus shares issued rose by 48 percent to end the year at Sh93.8 billion.
Muriuki remains the single-largest local individual shareholder of the bank.