KenGen Rights Issue Gets 92 Percent Subscription

Power producer Kenya Electricity Generating Company (KenGen) reported on Wednesday that it had raised KSH26.5B out of Ksh28.8B for its rights issue representing a 92 percent subscription rate.

In a statement, the company said the state would take part in the rights issue by converting into equity loans worth 20.15 billion shillings in order to retain its 70 percent shareholding.

The remaining 8.64 billion shillings of the 28.8 billion shillings is what was offered to other shareholders at 6.55 shillings a share.

KenGen said the proceeds of the rights issue would go to funding new geothermal and wind power projects with a 720 MW capacity, due to be completed by 2020.

Read: KenGen to Raise KES 29Bn in Rights Issue for Increased Power Generation

KenGen said the proceeds of the rights issue would go to funding new geothermal and wind power projects with a 720 MW capacity, due to be completed by 2020.

KenGen said the new shares will be listed and start trading on July 6 on the Nairobi Securities Exchange.