The offer to swap NBK shares for KCB Group shares will close on 30 August 2019 at 5 pm. The KCB Group will seek requisite corporate and regulatory approvals for NBK’s delisting afterward.
The merger has achieved a number of milestones. First, the Competition Authority of Kenya (CAK) and KCB shareholders approved the take over offer. Furthermore, the bank’s shareholders and the board have approved the conversion of 1.135,000,000 preferences shares into ordinary shares.
However, the conversion will only take place after completion of the offer for ordinary shares. Currently, KCB has received 77.62% of the total offers with respect to ordinary shares.
The bank has received acceptances for 262,968,921 out of 338,781,200 NBK ordinary shares. The results as to the fulfillment of the offer will come out on 13 September 2019.
With respect to the merger timetable, the bank announced NSE will suspend the trading of NBK shares on 2 September 2019. At the same time, the settlement of the KCB shares in CDSC accounts of shareholders will happen on 27 September 2019.
