Kenya Power & Lighting Company (KPLC) plans to restructure its share capital in Q1 of 2010 in an effort to strengthen its balance sheet and also enhance the affordability of its shares in the market.
This will include:
- Conversion of 87% of the 7.85% redeemable non-cumulative preference shares owned by the Govt into ordinary shares.
- Floatation of a rights issue where the govt will renounce some of its rights and trade them on the NSE.
- Carry out an unspecified share split so that the KPLC shares can trade at a smaller denomination.
Here is the complete press release from KPLC.
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