According to the Kenyan Wall Street, KCB Group has made it known that 87.70% of National Bank of Kenya (NBK)’s ordinary shareholders have accepted the buyout offer representing 297,130,033 of the 338,781,200 shares.
KCB Group at the close of the takeover, stated that the offer is unconditional in all respects and that all the necessary regulatory approvals and corporate approvals, have been received.
With this development, the buyout offer is now considered successful and KCB Group is now gearing towards its completion.
Once the buyout is, the swapping and conversion of shares will take place, as soon as the condition for the conversion of the non-cumulative preference shares in the share capital of National Bank of Kenya (NBK), has been met.
When all the processes have been completed, KCB Group will hold 1,432,130,033 ordinary shares which is 97.17% of the total issued share capital of National Bank of Kenya (NBK).
KCB Group will also apply Capital Markets Authority provisions to acquire the remaining 41,651,167 issued ordinary shares of National Bank of Kenya (NBK) compulsorily.
National Bank of Kenya (NBK) will subsequently be delisted from the Nairobi Securities Exchange (NSE).
