NCBA group lists 793.8 million new shares

Tuesday, October 22nd, 2019 20:04 | By
NCBA Group chairman, James Ndegwa

NCBA Group PLC yesterday listed 793.8 million new shares on the Nairobi Securities Exchange a month after the NIC Group PLC and Commercial Bank of Africa Limited (CBA) merger.

Following the listing, NCBA shares will now start trading at the NSE.

NIC Group issued and paid up share capital of Sh3.5 billion comprising 703.9 million ordinary shares of Sh5 each.

The new entity will now be having a total of 1.49 billion issued shares with a par value of Sh7.45 billion.  Yesterday the shares were trading at Sh33.65 per share - which was a slight increase from the price it traded on Friday when the NSE closed.

NCBA Group PLC commenced operations on Tuesday, 1st October 2019 following approval by the Central Bank of Kenya and the National Treasury on 27 September 2019.

Speaking during the bell ringing ceremony to kick-start the trading of the new shares, NCBA Group chairman, James Ndegwa said listing of new shares is part of the banks journey towards building a strong institution.

Banking experience

“NCBA may be three weeks old, but together we bring over one hundred years of banking experience. We have been busy having unveiled the new inspiring NCBA logo, as part of our journey to bring our merger under one unified banner,” Ndegwa said.

NCBA Bank Kenya PLC Chairman designate Isaac Awuondo said shareholders will be able to derive more value leveraging on economies of scale, financial and operational efficiency, business diversification and synergies.

John Gachora, NCBA Group Managing Director said the deal has opened a new chapter in the growth and expansion of our business not only in Kenya but in the region, which comes as welcome news to our shareholders.

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