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KenGen’s Kes 141 Billion Rights Offer to Quadruple Shares in Issue
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Ericsson
#151 Posted : Friday, February 20, 2015 4:11:19 PM
Rank: Elder

Joined: 12/4/2009
Posts: 10,808
Location: NAIROBI
@VituVingiSana;
In the AGM they authorized creation of an addition 7.8 billion shares.
As per the norm the number of shares to be issued during the rights issue and amount to be raised;there will be an AGM to approve these.
The company has spoken;they want to raise ksh.50bn and are just waiting for gava to state at what time is comfortable for them for the rights issue to be held.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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VituVingiSana
#152 Posted : Friday, February 20, 2015 5:00:59 PM
Rank: Chief

Joined: 1/3/2007
Posts: 18,349
Location: Nairobi
Ericsson wrote:
@VituVingiSana;
In the AGM they authorized creation of an addition 7.8 billion shares.
As per the norm the number of shares to be issued during the rights issue and amount to be raised;there will be an AGM to approve these.
The company has spoken;they want to raise ksh.50bn and are just waiting for gava to state at what time is comfortable for them for the rights issue to be held.

And if you are right (vs what @kawi254 wrote) then it can easily accommodate the 3:1 (or even 3.5:1). 6.6bn Rights Shares x 8 = 53bn [50bn + costs]. Shs 8/share is a 25% discount to the current price.

Excluding GoK, KenGen needs to raise 15bn. If there is a "Strategic Investor/Financier" then the funds will easily be raised. If not, then it might be a stretch!

I like KenGen. I think they will do well as a firm. I like its prospects. What I do not like is the EPS/ROE based on 8.8bn shares for the near future. I would consider looking at it 2 years AFTER the Rights Issue.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Ericsson
#153 Posted : Friday, February 20, 2015 5:12:43 PM
Rank: Elder

Joined: 12/4/2009
Posts: 10,808
Location: NAIROBI
@VituVingiSana;
It won't be a stretch raising the ksh.15bn even without a strategic investor.
KENGEN corporate issues have been record breaking starting with it's listing.It just shows the confidence investors have with the company.
Like I said watu wako na pesa we ndio huna
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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kawi254
#154 Posted : Friday, February 20, 2015 8:53:31 PM
Rank: Member

Joined: 2/20/2015
Posts: 468
Location: Nairobi
@VituVingiSana & Ericsson.

See following link: ->http://www.capitalfm.co.ke/business/2013/12/kengen-shareholders-approve-plans-to-raise-capital/

NAIROBI, Kenya, Dec 20 – Kenya Electricity Generating Company (KenGen) shareholders have approved plans by the company to raise new capital to finance power projects in 2014.

This will see the company issue 2.2 billion shares in the market to raise approximately Sh30 billion through a Rights Issue before June next year.

The company has a total of 2.2 billion shares listed at the Nairobi Securities Exchange (NSE) meaning that the Rights Issue would be in the ratio of 1:1.

Ultimately, KenGen plans to raise its share capital from Sh5.5 billion to Sh25 billion through creations of 7.7 billion new shares.

The 2.2 billion new shares approved on Friday is the first tranche in the capital raising project by Kenya’s largest electricity producer seeking to raise Sh350 billion for new projects over the next four years through a mix of debt and equity.
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Aguytrying
#155 Posted : Saturday, February 21, 2015 2:33:09 PM
Rank: Elder

Joined: 7/11/2010
Posts: 5,040
Ericsson wrote:
@VituVingiSana;
It won't be a stretch raising the ksh.15bn even without a strategic investor.
KENGEN corporate issues have been record breaking starting with it's listing.It just shows the confidence investors have with the company.
Like I said watu wako na pesa we ndio huna


IPO listing was at 11.90. 8 years down the line the share trades at 10.65. 10% down. even the staunchest of investors can be forgiven for not being so confident.
The investor's chief problem - and even his worst enemy - is likely to be himself
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sparkly
#156 Posted : Saturday, February 21, 2015 9:34:26 PM
Rank: Elder

Joined: 9/23/2009
Posts: 8,083
Location: Enk are Nyirobi
Aguytrying wrote:
Ericsson wrote:
@VituVingiSana;
It won't be a stretch raising the ksh.15bn even without a strategic investor.
KENGEN corporate issues have been record breaking starting with it's listing.It just shows the confidence investors have with the company.
Like I said watu wako na pesa we ndio huna


IPO listing was at 11.90. 8 years down the line the share trades at 10.65. 10% down. even the staunchest of investors can be forgiven for not being so confident.


Bought at IPO price, sold at 33.

Came back for more in 2013...
Life is short. Live passionately.
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Aguytrying
#157 Posted : Sunday, February 22, 2015 7:54:00 PM
Rank: Elder

Joined: 7/11/2010
Posts: 5,040
sparkly wrote:
Aguytrying wrote:
Ericsson wrote:
@VituVingiSana;
It won't be a stretch raising the ksh.15bn even without a strategic investor.
KENGEN corporate issues have been record breaking starting with it's listing.It just shows the confidence investors have with the company.
Like I said watu wako na pesa we ndio huna


IPO listing was at 11.90. 8 years down the line the share trades at 10.65. 10% down. even the staunchest of investors can be forgiven for not being so confident.


Bought at IPO price, sold at 33.

Came back for more in 2013...


so its good for speculation but terrible for long term hold. well played though
The investor's chief problem - and even his worst enemy - is likely to be himself
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maka
#158 Posted : Monday, February 23, 2015 9:14:04 AM
Rank: Elder

Joined: 4/22/2010
Posts: 11,522
Location: Nairobi
Finally here...
possunt quia posse videntur
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mthaka
#159 Posted : Monday, February 23, 2015 10:00:02 AM
Rank: Member

Joined: 9/30/2013
Posts: 254
have they wired the dividend?
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mkonomtupu
#160 Posted : Monday, February 23, 2015 11:59:50 AM
Rank: Veteran

Joined: 2/10/2010
Posts: 1,001
Location: River Road
Quote:
Quasi-public energy company KenGen will announce details of the planned rights issue next month, it said.

Managing director Albert Mugo said the government, which owns a 70 per cent stake in Kenya Electricity Generating Company, is expected give its nod within two weeks, setting the pace for the cash call.

KenGen plans to raise about Sh15 billion in fresh capital finance its projects, including raising energy generation from geothermal sources and wind.

“The way the government takes its position in the rights issue is very critical to the whole cash call, so we have been waiting as they seek relevant approvals, but I can say the discussion is almost concluded,” said Mugo.

He said that a third project expected to supply 70 megawatts of power is short of Sh8.23 billion ($90 million) financing.
- See more at: http://www.the-star.co.k...th#sthash.2zS6Lz8V.dpuf
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