Kenya power shares continue to tumble
SEE ALSO :Power usage drops among householdsThe decline has come hard and fast from December when KPLC was facing serious allegations for overcharging customers. Subsequent revelations have indicated that the power transmission firm has been embroiled in faulty tendering and a Sh10 billion bill hangs over the company over litigation by Lawyer Apollo Mboya. Meanwhile, market correction saw Express Kenya and Unga Group register dips of 5.0 per cent and 4.5 per cent respectively, owing to a flop in their respective takeover bids. At Express Kenya, Shareholders refused to sell their stake in Express Kenya to the CEO Hector where less than ten per cent of shareholders in the transport and logistics firm agreed to the buyout which was not enough to clinch the 75 per cent required margin. At Unga Group, shareholders with only 16 per cent stake agreed to the deal and Seaboard opted to take their stake to increase its shareholding to 18.9 per cent nipping the takeover in the bud.
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