Proceeds will help development at Olkaria Geothermal Fields
Power producer Kenya Electricity Generating Company (KenGen) is has entered into a deal that could see it completed the sale of the 4.4 billion shares that were on offer during its rights issue offer in 2016.
This after South African pension fund, Public Investment Corporation entered into talks with KenGen to buy the remaining 351.2 million shares that were not taken up during the offer.
The deal is valued at Sh2.3 billion, meaning KenGen has hit its initial target to raise Sh28.7 billion.
KenGen had indicated it planned to spend Sh20.1 billion to pay off its expensive debt while the remaining Sh8.6 billion would be sunk into its ongoing projects including developing the Olkaria geothermal fields.
