Commercial Bank of Africa has warned on a possible change in the price of their securities following completion of the merger transaction with NIC Group Plc. CBA directors and shareholders on April 16 approved the proposed merger between CBA and the NIC Group Plc. Upon merger, CBA shareholders will exchange their shares for 53 per cent of the new shares in NIC. Therefore, 34 shareholders of CBA will own the majority 53 per cent of the combined bank entity while NIC shareholders will own 47 per cent. NIC Group will remain listed on the Nairobi Securities Exchange.

Source: The Star April 17, 2019 09:33 UTC