Who Owns Proctor & Allan? Full List of Tycoons Owning Ailing Cereal Firm
TUKO.co.ke journalist Wycliffe Musalia has over six years of experience in financial, business, technology, and climate reporting, which offers deep insights into Kenyan and global economic trends.
Kenya cereal manufacturer Proctor & Allan is in the public limelight after it was placed under receivership.
Source: Facebook
The High Court ordered the receivership of the company by Ponangipalli Venkata Ramana Rao and Swaroop Rao Ponangipalli in February 2025.
The company failed to pay a KSh 3.7 billion debt it borrowed from Kenya Commercial Bank (KCB) in 2015.
Court papers revealed that Proctor & Allan borrowed the money to purchase a manufacturing facility in Limuru.
Meanwhile, the company sought an unknown buyer who agreed to invest about KSh 1.2 billion to pay off the KCB debt.
The buyer will join a list of top tycoons, CEOs and politicians with stakes in the ailing company.
According to Business Daily, former Nairobi governor Evans Kidero, former Safaricom board chairman John Ngumi, and NCBA Bank chairman Isaac Awoundo have 11.8% stakes in Proctor & Allan Limited.
Source: Twitter
The trio, together with Charles Nyachae, Simeon Nyachae, Gerald Mahinda (former EABL CEO), Frank Muchiri (Madison Insurance chair) and four others, own the company via Peri Investments shares.
Below is the list of investors with stakes at Proctor & Allan:
| Shareholder/Company | % shares |
| 1. Edward Njoroge/Nerifa Holdings | 38.4 |
| 2. Zephania Gitau Mbugua/Nerifa Holdings | 38.4 |
| 3. Gachao Kiuna/Karitie Limited | 2.8 |
| 4. Kiuna Ngugi Kiuna/Karitie Limited | 2.8 |
| 5. Ngugi Kiuna/Karitie Limited | 2.8 |
| 6. Peggy Wangari Kiuna/Karitie Limited | 2.8 |
| 7. Evans Odhiambo Kidero/Peri Investments | 1.0 |
| 8. Charles Ayako Nyachae/Peri Investments | 1.0 |
| 9. Gerald Mahinda/Peri Investments | 1.0 |
| 10. Isaac Awuondo/Peri Investments | 1.0 |
| 11. Isaac Odundo Awuondo/Peri Investments | 1.0 |
| 12. James Gitoho/Peri Investments | 1.0 |
| 13. Frank Muchiri/Peri Investments | 1.0 |
| 14. Obadiah Kamau/Peri Investments | 1.0 |
| 15. John Ngumi/Peri Investments | 1.0 |
| 16. Eric Kimani/Peri Investments | 1.0 |
| 17. James David Kabeberi/Peri Investments | 1.0 |
| 18. Stephen Waruhui/Peri Investments | 1.0 |
Meanwhile, the company moved to court to challenge KCB Bank's decision to pick a receiver manager.
In its petition, the company challenged the selection of Ponangipalli Venkata Ramana Rao and Swaroop Rao Ponangipalli as the receiver.
High Court Judge Njoki Mwangi issued orders barring the appointed receiver from interfering with the operation of the cereal producer.
Justice Mwangi ruled that the order remains in force until the court issues further directions regarding the matter.
Source: TUKO.co.ke
