KCB Group is set to list an additional 142,979,717 shares at the Nairobi Securities Exchange (NSE) following the successful acquisition of the National Bank (NBK).
“This morning, KCB Group will list an additional 142,979,717 shares at the Nairobi Securities Exchange (NSE),” the lender said in a tweet on Friday morning.
KCB Group acquired National Bank through a share swap. 10 shares in National Bank gave an investor one share in KCB Group in a transaction that had been disputed by a sector of legislators.
The new shares are mostly taken up by the National Treasury and the National Social Security Fund (NSSF) and they will freely be tradable at the Nairobi Securities Exchange.
Currently, the bank’s shares have spiked at the NSE going for 42 shillings from 38 shillings last month. With the acquisition of the National Bank, KCB Group’s total market capitalization now stands ar 135.6 billion shillings.
The bank has for years remained the largest lender in Kenya in terms of the asset base. The bank bought 14 outlets that belonged to now-defunct Imperial Bank.
Currently, the bank is the largest in terms of volume in shares that now stands at 3.2 billion, up from 3.06 billion units, setting in motion the impact of mergers in the banking sector.
KCB says it plans to fully integrate National Bank within the next two years.
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