NAIROBI: Friday, 24th March 2017
The KenGen Board of Directors has allotted 351 million ordinary shares left over during the recent Rights Issue to the South African Government Employees Pension Fund.
Kenyan and South African regulatory authorities have approved the allotment to the Public Investment Corporation SOC Limited which is the authorised representative of the fund. The development means that KenGen has exhausted all the shares it floated during the Rights Issue and enables the company to raise additional Ksh2.3billion towards financing of new geothermal and wind power projects.
The Kshs28.8 billion Rights Issue was the largest offer ever undertaken at the Nairobi bourse. Some new 4.4 billion shares were offered to existing shareholders at a discounted price of Sh6.55 per unit. The rights plan issue opened on the 23rd of May 2016 with the new shares listed on the 16th of July 2016. The government, through the National Treasury is the majority shareholder in KenGen with a 70 percent stake.