Kenya-based KCB Group PLC allotted 147.3 million new shares, worth roughly 6.2 billion Kenyan shillings, to former shareholders of National Bank of Kenya Ltd. as part of its acquisition of the lender, Business Daily Africa reported Oct. 3.
National Bank of Kenya's former owners had gone without dividends for years prior to the acquisition, the newspaper reported, adding that the bank intends to reorganize NBK's board of directors during the integration period in an effort to revamp leadership.
Most of the new shares, which will trade on the Nairobi Securities Exchange, will be taken up by the National Treasury and National Social Security Fund, the report noted.
KCB Group will list the new shares Oct. 4. The new shares will raise KCB's total market capitalization to 135.6 billion shillings from 129.3 billion shillings, the report said.
As of Oct. 2, US$1 was equivalent to 103.83 Kenyan shillings.
