Regulator not aware of NBK takeover
The alleged plan to takeover of National Bank of Kenya by KCB Group has not been made known to the stock markets regulator.
The Capital Markets Authority (CMA) said in a statement on Tuesday that investors to exercise caution when trading in shares of both KCB and NBK. There are claims that KCB Group, one of the successful local banks.
The regulator said in a statement said it is yet to receive any formal filings from KCB regarding the transaction. “We wish to clarify that no regulatory filings have been made to the Authority by the KCB Group regarding this matter and no confirmation of the existence of such a transaction has been received,” the statement said.
There are claims that KCB Group has written a proposal to acquire a majority stake in NBK. If the deal goes through, it will see Treasury and NSSF’s collective ownership in KCB increase from 23.6 per cent to over 30 per cent.
In a share swap, Treasury, NSSF and other significant minority shareholders of NBK will be issued with KCB shares in exchange for NBK shares based on the market valuation of both banks.
“An appropriate announcement shall be made in the event that details of such a transaction (if any) are filed with the Authority as required by the applicable regulations,” the CMA said in its statement