The board of power producer KenGen has approved a rights issue intended to raise Sh28 billion in cash for energy projects.
According to a press aert, the company said it would issue up to 7.8 billion shares, revoking an earlier decision to issue up to 2.2 billion ordinary shares.
The announcement was made by company secretary Rebecca Miano in an order dated November 10.
The board’s resolution is now awaiting the approval from the firm’s shareholders at an annual general meeting to be held on December 16.
Further approvals are also awaited from the Capital Markets Authority and the Nairobi Securities Exchange.
READ: KenGen eyes Sh1.8bn Treasury debt pay cut after rights issue
SOURCE: BUSINESS DAILY