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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 subscription rate.

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.

- Reuters

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