Kenya's KenGen board backs rights issue, seeks shareholder approval - CNBC Africa

Kenya's KenGen board backs rights issue, seeks shareholder approval

East Africa

by Reuters 0

KenGen, has approved a rights issue plan and will seek shareholder approval on Dec. 16. Photo: Wikimedia

The board of Kenya's biggest power generator, KenGen, has approved a rights issue plan and will seek shareholder approval on Dec. 16, the firm said in a statement on Wednesday.

The plan, which also needs regulatory approvals, would involve issuing up to 7.802 billion shares at price to be set.

Kenya Electricity Generating Co, or KenGen, which is 70 percent state-owned, previously said it wanted to raise 30 billion shillings ($294 billion) to help restructure its balance sheet and to finance expansion.

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