KCB Group has announced that 87.70% of National Bank of Kenya (NBK) ordinary shareholders have accepted the buyout offer representing 297,130,033 of the 338,781,200 shares.
At the close of the takeover, KCB said that the offer is unconditional in all respects and that all corporate and regulatory approvals have been received.
In this regard, the offer is successful and KCB is now proceeding to completion. On completion, the conversion and swapping of shares will occur after meeting the condition for the conversion of the non-cumulative preference shares in the share capital of NBK.
Upon the completion of these processes, KCB will hold 1,432,130,033 ordinary shares comprising 97.17% of the total issued share capital of NBK. In addition, KCB will apply Capital Markets Authority provisions to compulsory acquire the remaining 41,651,167 issued ordinary shares of NBK and then proceed with delisting of NBK from the NSE.
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