At least eight state-owned entities don sell combined 24.76 percent stake inside Kenya Pipeline Company (KPC) wey dem value at Ksh42.5 billion to one foreign investor wey dem never identify, according to Business Daily sources.
The report talk say dem sell di shares at Ksh9.02 each, close to di IPO price of Ksh9. Di capital gain of Ksh0.02 per share come reach about Ksh94.2 million before discounting brokerage fees.
KPC don already announce dividend of Ksh0.32 per share for di financial year wey end June 30. Di new shareholder suppose benefit from dat dividend, because di company list November as di date for book closure. On top dat, di investor dividends fit reach about Ksh1.5 billion.
E no clear why di state firms choose to take di Ksh94 million capital gain and forfeit Ksh1.5 billion in dividends wey dem don already declare.
Di sale happen less than eight months after state entities buy shares worth billions of shillings during di KPC IPO. Government bin urge cash-rich parastatals to join di KPC IPO after private investors show limited interest, a thing wey threaten di success of di sale.
About 13 state-backed entities invest Ksh64.23 billion inside di offer and acquire combined 38.35 percent stake in KPC. NSSF invest Ksh38.5 billion, while Public Servants Pension Scheme buy shares worth Ksh13 billion. County Workers Pension Fund invest Ksh3.6 billion, and Unclaimed Financial Assets Authority invest Ksh3.2 billion.
Pension schemes for employees of Kenya Power, Kenya Pipeline and Kenya Ports Authority also make significant investments inside di offer. But di firms wey sell their shares for dis latest KPC deal never dey known.
