Kenya Electricity Generating Company (KenGen) rights issue offer opened on a high note yesterday after the Government took up its full entitlement of the rights. The rights issue closes on Friday June 10, 2016. The energy producer is offering a total of 4.4 billion ordinary shares at Sh6.55 per share to raise Sh28.8 billion in new capital. Treasury Cabinet Secretary Henry Rotich, who signed the provisional allotment letter, said the Government had agreed to participate in the rights issue in order to support KenGen’s energy generation growth agenda. The principal shareholder, the Government, which currently owns 70 per cent of the firm, has agreed to participate in the issue by converting Sh20.2 billion debt into shares.

Source: Standard Digital May 23, 2016 12:52 UTC