Sale of KenGen’s 4.4 Billion new shares kicked off on Monday with the Government through the National Treasury promising to take up 70% through conversion of Ksh 20.2 Billion loan into equity. If the Government takes up its rights, KenGen will only be targeting Ksh 8.6 billion which the listed power producer intends to use to finance capital expenditures in geothermal and wind power generation.
The rights issue is open for three weeks and closes on 10th June 2016 with the subscription rate expected to be announced on 1st July 2016. Listing & commencement of trading of the new shares at the NSE will be on 6th July 2016.
In the coming week, the company is expected to conduct a roadshow to interact with its domestic shareholders in Thika,Nyeri,Kisumu,Nakuru,Eldoret,Mombasa and Nairobi.
