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State starts takeover of idle Sh26bn shares
An investor at the Nairobi Securities Exchange trading floor. The Unclaimed Financial Assets Authority (UFAA) say the idle shares will be transferred from companies and private share registers to a single account owned by the agency. FILE PHOTO | NMG
Treasury will from Tuesday start the process of taking over unclaimed shares worth Sh26 billion, allowing the State to directly earn dividends from the stocks.
The Unclaimed Financial Assets Authority (UFAA) say the idle shares will be transferred from companies and private share registers to a single account owned by the agency after it got licensed as a non-trading Custodial Depository Agent (CDA).
