KenGen’s $1.65 Billion Rights Offer to Quadruple Shares
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Kenya Electricity Generating Co., the country’s biggest power producer, will more than quadruple its shares in issue with a $1.65 billion rights offer to fund an expansion program, acting Managing Director Simon Ngure said.
The state-controlled company, based in Nairobi, plans to increase the number of outstanding shares to 10 billion from 2.2 billion once it gets the go-ahead from the government, Ngure said, detailing for the first time the number of shares to be issued. KenGen said last month it will raise $5.5 billion through a mix of 70 percent debt and 30 percent equity to finance a tripling in electricity output to 3,379 megawatts.