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[2008-06-09] Safaricom’s big day at the NSE Today marks the eagerly awaited listing of shares and trading for Safaricom at the Nairobi Stock Exchange (NSE).
The biggest initial public offer in East and Central Africa was oversubscribed and investors should start receiving refunds today.
The limelight will turn to investment banks, stockbrokers and agents who are expected to handle the process of refunds smoothly. Stockbrokers will also be under pressure to either effect Safaricom buy or sell orders.
The sale of 10 billion shares in Safaricom — the most profitable company in East and Central Africa — which the Government jointly owns with a consortium led by Britain’s Vodafone Group has dominated the economy in recent weeks, buoying an already strong shilling.
The Government is raising KSh51.75 billion ($833 million) from the IPO, valuing the firm at about $3.3 billion.
This week, Pan Africa investors will be celebrating with a dividend payment of KSh1.60 per share. Jubilee Insurance will also pay a final dividend of KSh3.25 on Wednesday.
Housing Finance has extended its Rights Issue timetable. The last day of trading in Rights will be June 13 and acceptance and payment for the new shares on June 27.
The mortgage company invited shareholders to take up their rights at KSh20 a share at the ratio of one new share for one ordinary share held. The new shares will start trading at the NSE on July 11.
Last week, Kenya Commercial Bank closed books for its rights issue. Crediting of new shares in CDS accounts will be done August 15, and trading of the shares begins on August 25.
