[2008-08-05]  Over 90% Safaricom IPO refunds paid
Receiving banks for the Safaricom IPO have reimbursed over ninety percent of all the refunds.
This is equal to more than one hundred and sixty billion shillings of the one hundred and seventy six billion shillings expected to be reimbursed to applicants.
Capital Markets Authority executive officer Stella Kilonzo says majority of the remaining four percent of refunds belongs to the diaspora investors that the banks are working on modalities of refund.
The Safaricom IPO results which were announced on the 30th of May left many people disappointed.
what was expected to a be a smooth process left the market regulator with egg in its face after the refund process was marred with hitches that left many investors queuing for days on end to get their money back.
The market regulator blamed the hitch on the multitudes of investors who jammed brokerage firms to collect their refund cheques.
The queues have since reduced but not all investors are home and dry.
Addressing the media Ms Kilonzo blamed the remaining uncollected cheques to local investors who are yet to give out their full details and the fluctuating shilling against the dollar for the delayed foreign investors refund
She says CMA will strengthen its supervisory role to ensure transparency in the local capital market.
Ms kilonzo was appointed last month to head CMA after serving in an acting capacity since December last year.

Source: Kenya Broadcast