Nairobi, June 23 -- Family Bank founder Titus Muya and his associates recorded a gain of Sh4.74 billion on their holdings in the lender after its share price jumped by 44 percent in its first day of trading at the Nairobi Securities Exchange (NSE) on Tuesday.

The bank listed 1.662 billion shares on the bourse by introduction at an entry price of Sh18 per share, before closing the day at Sh26.

Mr Muya and his associates, who include family members, Daykio Plantation Ltd, Kenya Orient Life Assurance and Kenya Orient Insurance, currently hold a combined 35.67 percent stake in the bank, equivalent to 593.03 million shares.

The value of this holding rose from Sh10.67 billion to Sh15.42 billion as a result of the Sh8 gain, making the family ...