Kenya's KenGen says rights issue was 92 pct subscribed
30 June 2016, 21:11
Nairobi (Reuters) - Power producer Kenya
Electricity Generating Company (KenGen) said on
Wednesday it had raised 26.5 billion shillings out of 28.8
billion shillings it aimed for in a rights issue.
KenGen said in a statement this represented a 92 percent
When launching the issue in May, KenGen, which is 70 percent
owned by the government, said the state would take part in the
rights issue by converting into equity loans worth 20.15 billion
shillings in order to retain its 70 percent shareholding.
The remaining 8.64 billion shillings of the 28.8 billion
shillings is what was offered to other shareholders at 6.55
shillings a share.
KenGen said the proceeds of the rights issue would go to
funding new geothermal and wind power projects with a 720 MW
capacity, due to be completed by 2020.
At present its total installed production capacity stands at
about 1,618 MW.
KenGen said the new shares will be listed and start trading
on July 6 on the Nairobi Securities Exchange.