NCBA will list an additional 606,195,135 ordinary shares of Kenya shilling five (KSh5) each over the next five years.
In an electronic AGM held on July 24, shareholders also allowed the board of directors to take actions related to the allotment and issue of the new ordinary shares. In this case, the board will increase NCBA’s nominal capital from KSh7,969,024,325 comprising of 1,593,804,865 ordinary shares.
In addition, the newly allotted shares will be admitted to the Nairobi Securities Exchange (NSE) for trading and listing. The listed ordinary shares shall not participate in any dividend declared by NCBA for the period leading up to the allotment and issuance.
The AGM increased the maximum number of directors from thirteen to fifteen. NCBA is the product of a merger between Commercial Bank of Africa Limited and NIC Group PLC, a transaction that was completed in October 2019.