KCB Group has resolved not to delist National Bank of Kenya (NBK) from the Nairobi Securities Exchange, however, the stock will remain suspended from 2nd September 2019.
In a public announcement by KCB on the proposed acquisition of 100 percent of the issued ordinary shares of NB, said that its decision to waive the delisting condition was due to the fact that the NBK Board did not present a resolution to shareholders to have it delisted during the 14 June 2019 Annual General Meeting.
“Having considered the foregoing and noting that the conditions relating to delisting and acceptances are legally capable of waiver, KCB has determined to waive the two conditions. At the appropriate time, KCB will seek the requisite corporate and regulatory approvals for the delisting of NBK,” said KCB Group.
KCB Group further said it has received acceptances in respect of 262,968,921 shares out of the 338,781, 200 NBK/ KCB share swap amounting to 77.62%.
KCB has also received regulatory approval from the Competition Authority of Kenya (CAK) with the takeover deal now seeking approval from the Central Bank of Kenya (CBK).
The offer, at the rate of one KCB share for 10 NBK shares, opened in July and will close at the end of August (30).