Former President Daniel Moi has gained majority control of Intercontinental hotel after a firm associated to him bought 5.8 million shares of the hotel.
The hotel, which is owned by InterContinental Hotels Corporation, wants to exit the Kenyan market through disposing most of its properties in the country. The agreement between the management and Moi’s company saw the former President owning 53.2 per cent of the stake in the five star hotel.
The agreement has been gazette by the Competition Authority of Kenya (CAK), implying that the former President will have a say at the company.
Moi is believed to be among the richest Kenyans with an estimated net worth in excess of Sh 70 billion. He owns Sunshine Secondary School, Several acres of land, Transnational Bank, shares in several companies, Kabarak University and other undisclosed properties.