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Kenol’s Sh906m share offer to CEO Ohana approved

 KenolKobil chief executive David Ohana. FILE PHOTO | NMG
KenolKobil chief executive David Ohana. FILE PHOTO | NMG 

The Capital Markets Authority (CMA) has approved KenolKobil’s #ticker:KENO plans to have its Group managing director David Ohana acquire up to 88 million shares valued at Sh906.4 million in the oil marketer.

The regulator has allowed the Nairobi Securities Exchange-listed firm to list 79 million shares at the end of this month, adding to the nine million units that have already been issued.

Mr Ohana has an option to buy the shares over a period of six years at a price of Sh10.3 each, representing a discount of 22 per cent to yesterday’s closing price of Sh13.2.

“The Capital markets Authority has granted approval to KenolKobil Plc for the listing of 79,000,000 ordinary shares with a par value of Sh0.05 each to the trustees of the KenolKobil Employee Share Option Plan (the KenolKobil ESOP),” CMA said in a notice on Tuesday.

“The shares are to be listed on October 31, 2018 and held by the trustees on behalf of the beneficiaries under the KenolKobil ESOP in accordance with the terms of the Trust Deed approved by the Capital Markets Authority.”

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Mr Ohana told the Business Daily that the upcoming 79 million shares will add to nine million units already issued, bringing the total to 88 million.

He is set to buy the shares in four tranches of 16.8 million, 23.2 million, 24 million and a last tranche of 24 million units on January 1, 2020, January 1, 2021, January 1, 2022 and January 1, 2023 respectively. Each of the tranches has a two-year exercise period.

KenolKobil says the options will have no voting powers and neither will they confer the rights to earn dividends.

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