KenGen has entered into a deal that could see it complete the sale of the 4.4 billion shares after South African pension fund, Public Investment Corporation offered to buy the remaining 351.2 million shares that were not taken up during the offer.
KenGen has hit its initial target to raise Sh28.7 billion as the deal is valued at Sh2.3 billion.
KenGen Managing Director, Albert Mugo, in a notice to shareholders said, “KenGen wishes to advise its shareholders and the public that it has, on February 22, 2017 entered into an agreement with the Public Investment Corporation SOC Limited acting in its capacity as the authorized representative of the government employees pension fund, a South African based institutional investor, to allot ordinary shares in KenGen (equivalent to 5.33 per cent of the new issued share capital) at a price of KES 6.55 per share.”
The Public Investment Corporation will have a 5.33 percent stake in KenGen once the deal is complete.
The firm’s shares closed unchanged during Thursday’s trading session at the Nairobi Securities Exchange (NSE) at Sh6.55.