AccessKenya set for delisting from NSE after approval of deal
AccessKenya directors ring the bell to start trading of the stock at the NSE. The firm is set to delist from the bourse after CMA granted approval for Dimension Data Holdings to acquire 100 per cent shares of the Internet service provider. FILE
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The approval sets the stage for the sealing of AccessKenya’s sale deal where Dimension Data has offered Sh14 per share, valuing the company at Sh3.05 billion.
AccessKenya is set to delist from the Nairobi Securities Exchange (NSE) after the regulator granted approval for Dimension Data Holdings to acquire 100 per cent shares of the Internet service provider.
The approval sets the stage for the sealing of AccessKenya’s sale deal where Dimension Data has offered Sh14 per share, valuing the company at Sh3.05 billion. The shares were suspended from trading at the NSE on May 7.
“Shareholders of the listed firm are expected to convene an extraordinary general meeting (EGM) in September 2013 to consider a resolution approving the de-listing of AccessKenya Group from the NSE,” said the Capital markets Authority (CMA) in a statement.
CMA has also granted approval to AccessKenya to issue to its owners a shareholders’ circular and independent financial advisors’ circular relating to the proposed takeover.
CMA said it was satisfied the offer document made adequate disclosures of the information required under takeover and mergers regulations to enable the shareholders of AccessKenya make an informed decision on whether to accept or reject the offer.
The board of AccessKenya has already recommended the acceptance of the offer, and Dimension Data will be expected to serve the approved take-over offer document to Access Kenya Group within five days of approval.
The deal also got a boost after the government agreed to exempt the technology firm from a 20 per cent local ownership rule for telecoms operating in Kenya.
If the exemption had not been granted, the buyers had made plans with AccessKenya director Jonathan Somen, which would have seen him retain 20 per cent of the company to satisfy the rule.
AccessKenya shareholders as at May 7, 2013 will be entitled to a final dividend of 30 cents per share for the year ended December 31, 2012 as proposed by the board, if this is approved at the EGM.
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