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National Bank formally exits NSE

NEWS
By Patrick Alushula | November 22nd 2021
The National Stock Exchange (NSE) 55 Westlands Rd, Starehe, Nairobi [David Gichuru, Standard]

National Bank of Kenya (NBK) has formally exited the Nairobi bourse following the acquisition by KCB Group in September 2019.

Capital Markets Authority (CMA) said the exit will be effected on Thursday for the counter that has not been trading on the Nairobi Securities Exchange (NSE) since KCB acquired all the shares. “The delisting follows the successful takeover of 100 per cent shareholding of NBK by KCB and NBK shareholders’ approval,” said the NSE.

NBK had entered the NSE in 1994 when the government reduced its shareholding to 68 per cent by selling 32 per cent shareholding to the public.

The NSE’s 2015-2019 strategic plan targeted 88 equity listings by end of 2019 but flopped. KenolKobil in 2019 was also delisted after a buyout by French major Rubis Energie.

Other exits from the bourse since 2008 include Unilever, Access Kenya, Rea Vipingo, Marshalls East Africa, Hutchings Biemer, A Baumanns and Atlas East Africa.

TransCentury board has also been eying private equity funding, with a possibility of exiting the bourse. Deacons, ARM Cement and Mumias sunk into receivership leading to suspension from the NSE.

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