The Standard Bank of South Africa has acquired an additional 4.3 million shares at the cost of 422 million shillings in Kenya’s Stanbic Holdings.
The addition buying of shares by Standard Bank raises the stake in Kenya’s subsidiary to 69.1 percent making it the majority shareholder.
The buying of the shares by Standard Bank in Stanbic Holdings started in 2018 when the South African lender announced that it was ready to buy 59 million shares from Stanbic Bank at the price of 95 shillings per share at the total cost of 5.6 billion shillings.
Express Kenya’s majority shareholder, who is also the Chief Executive Officer Mr. Hector Diniz has said that he will not take over the company as his own after he raised his stake to won 71.86 percent of the shares.
In 2018, Mr. Diniz has kicked off a move to buy out the whole company from the minority shareholders and de-list it from the Nairobi Securities Exchange but failed in the move.
“Hector Robert Diniz does not intend to make a take-over offer,” said the logistics company in notice after concerns emerged that the CEO was making a new offer.
Kenya Pipeline Company Acting Boss Gets a Contract Extension
The board members of the Kenya Pipeline Company (KPC) has decided to extend the contract of the acting director Hudson Andambi who was appointed to run the company in December 2018.
The board has decided to increase the contract to October 6 this year.