Kenya to Switch KenGen Debt in Region’s Biggest Rights Offer
- KenGen plans to raise 28.8 billion shillings in cash call
- Other shareholders expected to provide 8.6 billion shillings
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The Kenyan government will convert 20.2 billion shillings ($200.4 million) of debt owed by the East African nation’s biggest electricity producer into equity as part of a rights offer that’s the largest in the region.
The Kenya Electricity Generating Co. Ltd., known as KenGen, is asking investors for 28.8 billion shillings to help finance 720 megawatts of new production capacity over the next four years. Other shareholders apart from the government are expected to raise 8.6 billion shillings, Chief Executive Officer Albert Mugo said at the start of the cash call.