Kenya Power Raises 9.82 Billion Shillings in Offer
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Kenya Power & Lighting Co. Ltd., the East African nation’s monopoly power distributor, raised 9.82 billion shillings ($121 million) in a sale of stock to existing shareholders where demand exceeded supply by 3.2 percent.
KPLC, as the company is known, sold 504.11 million shares at 19.5 shillings each, it said in an e-mailed statement today from the capital, Nairobi. The company offered 488.63 million shares, or 20 for every 51 held, to investors on its register by Nov. 25. The stock will start trading on Jan. 24, KPLC said.