A KQ plane on the runway
Kenya Airways (KQ) has announced that it raised KSh14.48 billion in April’s Rights Issue out of the expected Sh20.7 billion.
This represents a 70.06 percent subscription rate,
marginally above its minimum target of 70 percent. The airline sold
1.03 million of the 1.4 million new shares that were on offer at Sh14
each.
The regional carrier said in a statement that
“listing and commencement of trading of the new shares on the Nairobi
Securities Exchange will be on Thursday, 21 June 2012.”
In Tanzania, the rights issue lead sponsoring
broker was Orbit Securities while Uganda Crested Stocks handled affairs
in Uganda for the largest cash call so far in East Africa’s capital
markets history.
The existing shareholders applied for 42.02 million
additional shares, valued at Sh588.3 million, while new investors
raised Sh1.98 billion after applying for 141.9 million shares.
The Government of Kenya, one of the main
shareholders, raised its stake in KQ from 23 percent to 29 percent,
while Royal Dutch Air France KLM has raised its shareholding from 26
percent to 26.73 percent.
”Whereas KLM subscribed for its full entitlement of
new shares, its application was scaled back such that it will be
allotted 280 million new shares, which will take its shareholding in KQ
from 26.00 percent to 26.73 percent, after the Rights Issue,” read a
section of the statement.
Shares certificates will be dispatched to the authorized agents for collection by the investors from June 21 2012.
The Rights Issue kicked of on April 2 and ended on
April 27. The national carrier said it wanted to raise funds to finance
an expansion programme that entails acquisition of new fleet of
aircrafts from the current 34 to 68 by 2016, and to 119 by 2022.
Source: Corporate-Digest.Com
Tanzanian Shilling Exchange Rate