South African Firm Seeks to Acquire 84.2 Million Shares in Liberty Kenya

Liberty Holdings, a leading South African financial services company and a major shareholder in Liberty Kenya Holdings seeks to purchase an additional 84.2 million shares in Liberty Kenya Holdings through a private transaction. The South African firm already owns 309.33 million ordinary shares in Liberty Kenya, equivalent to 57.7% of the company.

In a public announcement, Liberty Holdings has said that in line with the Capital Markets Regulations, it has issued a circular with information on the proposed acquisition to shareholders of Liberty Kenya Holdings. Investors can also access the circular from the company’s website or a hard copy from Liberty Kenya’s office along Processional Way.

In an earlier notice Liberty Holdings said it plans to acquire the shares at a cost of KSh11 per share, a 39% premium to Liberty Kenya’s closing price of KSh7.92 on Wednesday. After the completion of the acquisition, Liberty Holdings’ ownership in Liberty Kenya will increase to 73.5% of the company, from the current 57.7%.

The South African company said that it does not intend to purchase 100% of the company and therefore, Liberty Kenya Holdings shares will continue trading on the Nairobi Securities Exchange after the deal has been finalized.

Related: South Africa’s Liberty Holdings to Acquire an Additional 16% Ownership in Liberty Kenya