Electricity generator KenGen is targeting to raise Sh50 billion more for its planned energy projects after successfully listing its new shares at the Nairobi Securities Exchange yesterday. KenGen offered 4.4 billion new shares at Sh6.55 each to existing shareholders, at a ratio of two for each share held. KenGen CEO Albert Mugo said the company will bridge the cash call deficit through borrowing. KenGen’s new shares, issued in May, raised Sh26.4 billion with the government converting Sh20.2 billion debt owed by the firm into equity. The funds raised will be used in the ongoing geothermal and wind projects.

Source: The Star July 07, 2016 01:07 UTC