Part 1: The Rbar Brothers & a Ghost Ticker — How Homeboyz Stalled on the NSE
If you have spent any time tracking the Nairobi Securities Exchange (NSE), you have likely noticed a ghost in the machine: Homeboyz Entertainment PLC. Often referred to colloquially in market circles as the "Radio Africa stock"—due to the high-profile joint venture where Radio Africa Group acquired a 51% stake in the Homeboyz Radio subsidiary—the parent entity has sat on the board like a monument frozen in time. Day after day, the ticker flashes the exact same price. Weeks turn into months without a single share changing hands.
From Underground Mixes to the Bourse: The Rabar Timeline
The path to the Nairobi Securities Exchange began in the late 1980s when Myke, John, and Louis Rabar started rocking Nairobi’s underground estate parties with a single turntable and a raw passion for music. By 1992, they had officially birthed Homeboyz, transforming a makeshift DJ outfit into a dominant club-and-radio sound system that defined the soundtrack of Kenya’s urban youth throughout the 1990s.
Recognizing that entertainment required infrastructure, the brothers scaled aggressively in the early 2000s, diversifying into corporate event production, state-of-the-art audio-visual asset hire, and multi-studio broadcasting. This corporate maturity set the stage for their modern milestones: the strategic 2019 joint venture with Radio Africa Group that locked in their broadcasting dominance, followed immediately by their historic December 2020 listing on the exchange. It is a four-decade timeline that tracks an impressive evolution from teenage bedroom DJs to listed corporate titans.
The Capital Structure Paradox
To understand why this stock never moves, one must look closely at the registry. When the Rabar brothers brought the company to the market via introduction at KES 4.66, they chose not to dilute. Instead, they walked onto the trading floor holding a staggering 99.9% of the 63.2 million shares.
Years later, almost nothing has changed. The Rabar brothers still hold the stock almost exclusively. Why? Because for the founders, the NSE was never about cashing out or yielding control to institutional "whales." The Rabars view Homeboyz not as a speculative trading vehicle, but as a family legacy. Retaining near-absolute ownership protects the operational agility of a business that relies heavily on personal industry relationships, creative control, and rapid execution in the fast-moving events and media landscape. Selling down to public retail investors would mean answering to a board of minority shareholders over creative pivots—a headache the founders quite simply do not need.
Cash-Out via Corporate Restructuring: The Quarcoo Connection
Interestingly, while the brothers have fiercely protected their equity on the public exchange, they have been entirely open to strategic liquidation behind closed doors. This was underscored when the Rabars quietly structured a massive deal at the subsidiary level with Radio Africa Group’s long-standing mastermind, Patrick Quarcoo. Rather than selling shares on the open stock market, the brothers negotiated a private exit from their heavy events and production infrastructure by integrating those core assets directly into Quarcoo’s wider media empire.
For the Rabars, this move was brilliant asset monetization: it allowed them to cash out on a capital-intensive business unit without depressing their public share price or surrendering control of the parent PLC registry. For the public market, however, it served as a stark reminder that the real multi-million-shilling corporate action happens in private boardrooms, entirely detached from the floor of the exchange.
Wealth is what you don't see.
A person with KSh 20 million in productive assets:stocks, bonds, money market funds, or real estate, who drives a KSh 1.2 million Toyota is often perceived as struggling.
Meanwhile, someone with only KSh 250,000 in their current account with zero investment birth a salary may finance an KSh 8 million SUV with a six-year loan at 16% interest, and suddenly everyone assumes they're wealthy.
The first person has a strong balance sheet, growing net worth, and income-producing assets.
The second may simply have a high debt burden, negative cash flow, and a depreciating asset financed with expensive leverage.
Too many people confuse consumption with wealth, and lifestyle with financial freedom.
Mimi vile naonelea sasa,I think we should just be openly honest about everything we post here. Hakuna mtu atakuchapa. If you post your Subaru forester also dont forget tell us the struggle you went through to get it,lets stop making these things look easy. Twambie vile loan inakuhemesha kama ile vest moja ya Eve maina. Ukipost porshe cayyene yako apa,twambie vile pia client wameekelea deposit na hujaleta gari. Ukipost Mustang yako ukiwa Australia twambie vile unaosha wanyanyez sende in three different Elderly homes. Ukipost vile mko na pesa kwenu,also remind us that your uncle is kabogo,a former corrupt governor. Dont just post your flowers here,we also want to see how the gardening happened,if it is indeed true that you post to inspire people.
Sidechicks hufikiria ati married men are with them because they hate their wives .Msichana, bibi akigundua this illicit relationship ntasema wewe ni shetani umetumwa kuharibu ndoa yangu na tukukemee as the homebreaker you are
Ngina Kenyatta gave Jommo jnr another grandchild juzi and Kenyans jubilated
Ngina, nomenclature forged after her grandmother is an exotic stunner
Makeup brands stand no chance with her
Her face glistens without fenty
Jayden's only girl. Humble and enterprenurial
Totally OUT OF POLITICS
Xi Jin Ping of China has one known child, a daughter- she is like a monocotyledon
Hardly seen. Rarely heard
Russia- same, ni rumours tu. They are unseen. Unheard
Spoilt brat wa Trump has caused 3 weeks protest in Albania over resort.
Causing republicans irreparable ruckus
In Uganda and Rwanda, the "meddling sons" are both military experts trained at the Napoleon Institute
Not low IQ, spoilt Nganya FOOLS!
Then we have Shaolin. Suddenly underground after kelele zetu but her kid bro is ticking all the wrong boxes
Ruto cannot torpedo Kenya. He had his chances in 2022
Spent it replenishing his white blood cells abroad
Invoking God is hitherto fallacious
He has one year! He better perform miracles
AS Samuel Mwangi says, Kenya from 2028 will need a President who will completely halt HARDWARE infrastructural development and projects. A President who will completely suspend any further opening up of new road and rail networks, a President who will call off construction of schools for the next 10 years, a President who will terminate any further electrification projects in the country. Simply a President who will stop CONSTRUCTION so that Kenya can breath. A President who will put us on the world map by the number of international peace negotiations that Kenya will be engaged in for 10 years.
In my mind, that President is none other than Kalonzo Musyoka
The Evergreen climbers are perfect for your hedges. Some call them Honey Suckle. Seedlings are readily available. They grow so fast. They don't have thorns. Take a look at this..
Men, one day the children will grow up and get busy. Your wife will have chama meetings, church events, grandchildren to visit, “girls trips” and weekend plans that do not involve you.
And there you will be, alone in the living room, switching channels every 2 minutes pretending you are “resting” kumbe ni loneliness.
Men, let us be honest with ourselves.
When retirement comes;
Will you still afford the hobbies you love?
Will you have money to travel?
Ama utakuwa unasema “hiyo ni ya vijana” simply because budget imekataa? 😅
Will you enjoy life or simply survive it?
Will you still command respect?
The sad truth is,
A man without money in retirement slowly loses options, confidence and sometimes authority.
Many men prepare for school fees, families and building homes but forget to prepare for the longest phase of life, retirement itself.
Retirement is not just about surviving, it is about maintaining dignity, freedom and choices.
Retirement is expensive, loneliness is expensive and depending on people for every small thing is even more expensive.
Men, let’s love ourselves loud enough to prepare for the life waiting after work and income ends.
▫️Plan while income is still coming in.
▫️Invest while energy is still there.
▫️Save while time is still on your side.
Speak to me today and start building a retirement plan that gives you freedom, dignity and peace later in life: https://t.co/2QILYqIoQd
Most people don’t really know Steve Mwanga.
He’s being introduced today as Raphael Tuju’s driver but that’s not the full story.
This is the man who almost ended James Orengo’s political career.
Mwanga ran what was easily one of the most expensive campaigns Nyanza had ever seen. Chartered planes. Convoys. Even matched Raila Odinga’s campaign style move for move. Also bought the famous Hummer.
And on the ground? He beat Orengo in his own backyard during the 2007 ODM nominations.
Then politics happened.
The certificate went elsewhere. Deals were made. Raila had to personally step in to calm the ground. Mwanga was that BIG!
Orengo survived. Barely.
Mwanga didn’t.
He tried again years later on a smaller seat and lost. Just like that, a man who once shook the establishment faded into the background.
Now he’s back in the headlines… but as “a driver.”
That’s how brutal politics is.
One moment you’re flying into Kisumu in a chartered plane to roaring crowds.
Next, you’re a footnote in someone else’s story.
History won’t forget though—
He took on the king, beat him… and still lost.