Nairobi Securities Exchange listed Power producer KenGen says it has raised Ksh 26.5 billion (92.01%) out of the Ksh 28.8 billion it had intended to raise in through a rights issue.
The Kenya government which owns 70% of the company had earlier said it would take up it rights through conversion of its loans worth Ksh 20.15 billion.
Proceeds of the rights issue would go towards funding of new geothermal and wind power projects with a 720 MW capacity, due to be completed by 2020.
Summary of the key Rights Issue results and statistics is set out below.
- Total Number of New Shares Offered 4,396,722,912
- Expected Gross Proceeds of The Offer (Kshs) 28,798,535,073.60
- Total Number of New Shares accepted under Entitlement 3,482,075,927
- Total Value of New Shares accepted under Entitlement (Kshs) 22,807,597,321.85
- Total Number of Additional New Shares applied for under Additional Shares 292,826,396
- Total Value of Additional New Shares applied for under Additional Shares (Kshs) 1,918,012,893.80
- Total Number of New Shares applied for under Rump Applications 270,610,000
- Total Value of New Shares applied for under Rump Applications (Kshs) 1,772,495,500
- Grand Total Number of New Shares applied for under the Rights Issue* 4,045,512,323
- Grand Total Value of New Shares applied for under the Rights Issue (Kshs) 26,498,105,715.65
- Number of Untaken Rights 351,210,589 Total Subscription Performance Rate 92.01%
TIME TABLE OF REMAINING KEY EVENTS
- Final Date for Payment for New Shares to the Receiving Bank for Applications against Letters of Undertaking and Irrevocable Bank Guarantees 3.00 PM, Tuesday, 5 July 2016
- Electronic Crediting of CDS Accounts and Non-Trading CDS Accounts with fully paid New Shares 5.00 PM, Tuesday, 5 July 2016
- Postage of allotment letters to Non-Trading CDS Account holders Tuesday, 5 July 2016
- Listing and Commencement of Trading at the Nairobi Securities Exchange 9.00 AM, Wednesday, 6 July 2016
