Brokers on the trading floor of the NSE. KenGen rights issue will open next Monday and close on June 10. PHOTO | FILE
What you need to know:
KenGen shares traded at Sh7.15 on Friday down from Sh8.10 at the beginning of last week.
Listed energy producer Kenya Electricity Generating Company (KenGen) share price dropped 11 per cent last week after it received regulatory approval for a rights issue, with its register set to close Monday.
KenGen shares traded at Sh7.15 on Friday down from Sh8.10 at the beginning of last week.
“The power generator closed at a 9.2 per cent premium to the rights issue price,” said Standard Investment Bank in a note to investors.
The new 4.4 billion shares will be offered to existing shareholders at a discounted price of Sh6.55 per unit with the company targeting to raise an additional capital of Sh28.8 billion. The rights issue will open next Monday and close on June 10.
KenGen shareholders who forfeit participation in the rights issues will have their ownership diluted.
Other counters that dipped during the week include Flame Tree Group which dropped 13 per cent and troubled Kenya Airways that declined 9.2 per cent.
Transcentury was the highest gainer during the week up 9.38 per cent to close at Sh5.25 per unit.
Kenya’s largest bank by asset base and profitability, KCB gained 5.25 per cent to close at Sh41.75.
The lender is yet to release its first quarter financial results, but a 20 per cent profit growth announced by its rival Equity Bank last week could have investors angling for the counter.
Safaricom’s share price gained 2.4 per cent to Sh17.30 after the telecom giant announced a dividend of Sh0.76 per share following posting of a Sh38.1 billion profit.
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