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The Kenya Pipeline Company’s (KPC) initial public offering (IPO) has been extended by three days following approval by the Capital Markets Authority. The offer, which was initially scheduled to close on Thursday, will now close on February 24.
In a statement, the Privatisation Authority said the extension was informed by recent public participation and stakeholder engagement forums on the State’s privatisation programme, where some retail investors asked for additional time to participate in the offer.
“In light of the government’s stated objective of expanding domestic share ownership and fostering inclusive participation in the capital markets, a limited extension of the offer period is considered aligned with public policy and supportive of broader retail investor inclusion,” said acting Privatisation Authority Managing Director Janerose Omondi.
All other terms of the offer remain unchanged. The government is seeking to raise Sh106 billion from the sale of 11.8 billion KPC shares at Sh9 per share. The announcement of allocation results will be conducted on March 4, followed by electronic crediting of shares to CDS accounts and processing of refunds by March 6. Listing and trading of the shares at the Nairobi Securities Exchange will commence on March 9.
Local investors will own up to 20 per cent, similar to local institutional investors, foreign investors and East African investors.
Oil marketers will own up to 15 per cent of the shares, while KPC staff will hold five per cent
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The Kenya Pipeline Company’s (KPC) initial public offering (IPO) has been extended by three days following approval by the Capital Markets Authority. The offer, which was initially scheduled to close on Thursday, will now close on February 24.
In a statement, the Privatisation Authority said the extension was informed by recent public participation and stakeholder engagement forums on the State’s privatisation programme, where some retail investors asked for additional time to participate in the offer.
“In light of the government’s stated objective of expanding domestic share ownership and fostering inclusive participation in the capital markets, a limited extension of the offer period is considered aligned with public policy and supportive of broader retail investor inclusion,” said acting Privatisation Authority Managing Director Janerose Omondi.
All other terms of the offer remain unchanged. The government is seeking to raise Sh106 billion from the sale of 11.8 billion KPC shares at Sh9 per share. The announcement of allocation results will be conducted on March 4, followed by electronic crediting of shares to CDS accounts and
processing of refunds
by March 6. Listing and trading of the shares at the Nairobi Securities Exchange will commence on March 9.
Local investors will own up to 20 per cent, similar to local institutional investors, foreign investors and East African investors.
Oil marketers will own up to 15 per cent of the shares, while KPC staff will hold five per cent
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on WhatsApp
By Esther Dianah