Kenya power firm allowed to restructure

• 14 years ago (2010-02-26)
• David Flin

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The Kenya Power and Lighting Company (KPLC) has received permission from the government for its planned capital restructuring that will see the Government cede some of its shareholding in the utility. Managing Director Joseph Njoroge said that the process was on course with the next step being to seek approvals from the regulatory authorities. He said: “We are just about to start the process of obtaining the approvals from the Capital Markets Authority (CMA) and other authorisations from the business fraternity so that we can proceed with the process.”

The company will float a Rights Issue and carry out a share split in the first half of 2010 in an effort to strengthen its balance sheet and also enhance the affordability of its shares in the market.

However, Njoroge said that major projects such as the construction of various transmission lines which are scheduled for completion by 2014 have been undertaken, and are expected to inject an additional capacity of 1700MW.