The government has extended the Kenya Pipeline Company's (KPC) initial public offer by three working days after the Capital Markets Authority approved a revised closing date of February 24, 2026
- •The offer, which opened on January 19, had been scheduled to close on February 19 at 5:00 p.m.
- •Regulators said the extension aims to encourage wider retail participation while keeping all offer terms unchanged.
- •The Government of Uganda will gain the right to nominate at least two directors to the KPC board, provided it holds not less than 20% of the company’s issued share capital.
In addition, certain reserved matters will now require the affirmative vote of a Ugandan-appointed director, alongside a director nominated by the Kenyan government. The changes give Uganda formal influence over key strategic decisions, recognizing its reliance on KPC’s pipeline and storage network for fuel imports routed through Kenya.
The memorandum makes clear that these amendments do not create new share classes or alter existing voting rights. Uganda receives no automatic ownership, proceeds, or preferential economic treatment unless it acquires shares through the offer or the secondary market.
Officials said the revised timetable follows investor feedback during the offer period and aligns with objectives of broad-based ownership, stronger minority investor protections, and the long-term success of KPC as a regional entity.
Market participants say retail participation has been slower than expected in some domestic allocation categories, even as institutional interest remains steadier. Under the offer structure, 60% of the shares are reserved for Kenyan investors and employees, with the balance available to foreign and regional investors.
Allocation results will be announced on March 4, with guarantees settled, shares credited to CDS accounts, and refunds processed by March 6. Trading on the Nairobi Securities Exchange will begin on March 9.
