This archive report was first published on 29 August 2019.
On 30 August 2019 at 5 pm, the offer to swap NBK shares for KCB Group shares will close. This marks a significant milestone in the merger between the two financial institutions.
Following the approval of the takeover offer by the Competition Authority of Kenya and KCB shareholders, the bank's shareholders and board have also approved the conversion of 1.135 million preference shares into ordinary shares.
However, this conversion will only take place after the completion of the offer for ordinary shares. As of now, KCB has received acceptances for 77.62% of the total offers with respect to ordinary shares.
According to the latest update, the bank has received acceptances for 262.97 million out of 338.78 million NBK ordinary shares. The results of the offer will be announced on 13 September 2019.
Regarding the merger timetable, the bank has announced that the National Securities Exchange (NSE) will suspend the trading of NBK shares on 2 September 2019. Additionally, the settlement of KCB shares in Central Depository and Settlement Company (CDSC) accounts of shareholders will take place on 27 September 2019.
