The Capital Markets Authority (CMA) has approved the Take-over offer of Express Kenya by Diniz Holdings Limited.
The offer is open to shareholders who will be on the shareholders’ register by close of business on 11th May 2018.
The offer is at 5.50 shillings per share for shareholders who wish to accept the offer and are required not to sell their shares in the secondary market after filling the form of acceptance of the offer.
The offer opens on 16th May 2018 and closes on the 28th of June 2018 after which a de-listing AGM will be held on 20th June 2018.
The de-listing will be done thereafter subject to approvals by CMA and other regulatory authorities. However, before de-listing is done, there will be suspension of the Express shares from trading on the Nairobi Securities Exchange to allow reconciliation of the process. The counter is up 20% YTD, currently trading at KES 4.50.
In Wednesday’s session, we saw Safaricom Plc (NSE: SCOM) trade at a higher price, up 2.65% in the session to close at KES 29. This might hold as a resistance level for the counter in today’s session.