Sasini shares have surged about 59% in six trading sessions, closing at KSh 32.00 on Friday, February 13, from KSh 20.10 on February 5, after its FY2025 annual report disclosed an agreed KSh 7.9 billion sale of the Gulmarg Division in Mweiga Estates, Kiambu County.
- •The disclosure triggered a sharp event-driven repricing as investors reassessed the scale of the transaction relative to the company’s valuation.
- •The group said it finally the disposal on September 17, 2025 and classified the unit as a discontinued operation, with the related assets transferred to “assets held for sale.”
- •At September 30, 2025, the asset carried a book value of KSh 3.78 billion, compared with an agreed selling price of KSh 7.9 billion, implying a gross disposal uplift of about KSh 4.1 billion, more than double the carrying value.
The scale of the transaction is significant relative to the company. As of February 13, Sasini’s market capitalization stood at about KSh 7.06 billion, meaning the agreed sale value alone exceeds the entire equity valuation. The implied gain also surpasses Sasini’s recent annual profits, which have fluctuated sharply over the past decade and have often been well below KSh 1 billion.
Trading data shows the rally was supported by rising participation. Daily volumes climbed from low five-figure levels earlier in the month to more than 300,000 shares on February 13, as prices advanced steadily from the KSh 20 range to above KSh 30. The stock recorded consecutive higher closes through the period, with VWAPs clustering near daily highs, pointing to sustained demand rather than thin or isolated trades.
Dividend expectations have become central to investor sentiment. Sasini declared no dividends in FY2024 and FY2025 after paying a total dividend of KSh 1.50 per share in FY2023. Over the past two decades, the company’s dividend record shows an irregular pattern, with payouts rising during strong profit or asset-driven cycles and disappearing entirely during weaker periods.
The highest payout over the period was KSh 2.50 per share in 2004, while more recent peaks of KSh 1.50 were recorded in 2016 and again in 2023.
| Year | Interim | First & Final | Total |
|---|---|---|---|
| 2025 | 0.00 | 0.00 | 0.00 |
| 2024 | 0.00 | 0.00 | 0.00 |
| 2023 | 1.00 | 0.50 | 1.50 |
| 2022 | 1.00 | 0.00 | 1.00 |
| 2021 | 0.50 | 0.50 | 1.00 |
| 2020 | 0.00 | 0.00 | 0.00 |
| 2019 | 0.50 | 0.00 | 0.50 |
| 2018 | 0.50 | 0.50 | 1.00 |
| 2017 | 0.25 | 0.75 | 1.00 |
| 2016 | 0.25 | 1.25 | 1.50 |
| 2015 | 1.00 | 0.25 | 1.25 |
| 2014 | 0.00 | 0.25 | 0.25 |
| 2013 | 0.25 | 0.00 | 0.25 |
| 2012 | 0.50 | 0.25 | 0.75 |
| 2011 | 0.50 | 0.50 | 1.00 |
| 2010 | 0.20 | 0.00 | 0.20 |
| 2009 | 0.20 | 0.20 | 0.40 |
| 2008 | 0.00 | 0.00 | 0.00 |
| 2007 | 0.00 | 0.00 | 0.00 |
| 2006 | 1.00 | 0.00 | 1.00 |
| 2005 | 0.00 | 0.00 | 0.00 |
| 2004 | 1.00 | 1.50 | 2.50 |
This history explains why the market is now speculating about a special dividend. The agreed sale value is large relative to Sasini’s balance sheet, and the share count has remained stable at about 228 million shares for nearly two decades, making any distribution mechanically straightforward on a per-share basis. At the same time, the record also shows that dividends are discretionary, not automatic, even after profitable years.
As at September 30, 2025, the annual report states that the sales proceeds had not yet been realised, and no liabilities were associated with the disposal group. The buyer has not been disclosed, and the company has not provided guidance on completion timing or the intended use of proceeds. The KSh 4.1 billion uplift is also a gross figure, with capital gains tax and transaction costs expected to reduce net distributable cash.
