A six-month rally in Kenya Power shares has turned into a financial bonanza for Kiharu MP Ndindi Nyoro, who has recorded nearly Sh198 million in gains from his investment in the state-controlled energy firm.

The bullish market run, marked by a 322 per cent surge in share prices, underscores the legislator's strategic prowess in the stock market.

Regulatory filings show that Ndindi, a seasoned investor in Nairobi Securities Exchange-listed counters, increased his Kenya Power stake to 30 million shares by the end of December 2024.

This represented a 1.54 per cent ownership in the company, up from 20.08 million shares in June of the same year.

The shares, trading at an average of Sh6.98 on Friday, have brought the MP a capital gain of Sh177 million.

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Additionally, with Kenya Power set to disburse dividends at Sh0.70 per share on 31 January 2025, Ndindi is poised to pocket another Sh21 million, cementing a lucrative half-year return.

Reflecting on his investment approach, Ndindi previously noted Kenya Power’s undervaluation as a key motivation for his buy-in.

“I am buying KPLC shares because I know we can fix issues of electricity when allowed to make decisions. It has a lot of sleeping capitalism which can be used to assist more homes,” he explained, adding, “The company is valued at less than one per cent of its asset value.”

Notably, Ndindi’s relationship with Kenya Power’s stock has evolved over time. In 2023, he emerged as the largest individual shareholder with 32.5 million shares.

However, a strategic sell-off between June and December that year saw him reduce his holdings by 11.78 million shares, placing him as the second-largest shareholder behind Naran Khimji Hirani and Virji Khimji Hirani.

While private investors hold 49.9 per cent of Kenya Power, the government maintains a controlling 50.1 per cent stake, ensuring significant influence over the utility’s operations.

The meteoric rise of Kenya Power’s stock highlights both the potential for recovery in undervalued assets and the strategic acumen required to capitalise on such opportunities—a hallmark of Ndindi Nyoro’s growing reputation as an investor to watch.