This archive report was first published on 6 September 2019.
On September 6, 2019, KCB Group announced that 87.70% of National Bank of Kenya (NBK) ordinary shareholders had accepted its buyout offer, representing 297,130,033 of the 338,781,200 shares.
With all corporate and regulatory approvals in place, the offer is now unconditional, and KCB is proceeding to completion.
Upon completion, the conversion and swapping of shares will occur after meeting the condition for the conversion of the non-cumulative preference shares in the share capital of NBK.
Following these processes, KCB will hold 1,432,130,033 ordinary shares, comprising 97.17% of the total issued share capital of NBK.
Additionally, KCB will apply Capital Markets Authority provisions to compulsorily acquire the remaining 41,651,167 issued ordinary shares of NBK and then proceed with delisting the bank from the Nairobi Securities Exchange.
