The Nairobi Securities Exchange (NSE) has lifted the suspension of trading in NCBA Group Plc shares ahead of a planned block trade linked to Nedbank Group Limited’s acquisition of a controlling stake in the lender.
In a notice issued on Tuesday, November 3, NSE said the suspension, which began at the close of trading on Wednesday, October 21, had been lifted with effect from Tuesday.
However, the exchange announced a temporary halt to trading in NCBA shares on the same day to facilitate the execution of a block trade through the NSE Block Trade Board.
NCBA bank. Photo: Courtesy.
The transaction relates to Nedbank’s planned acquisition of approximately 66 per cent of NCBA Group’s issued ordinary shares.
NSE said the temporary halt was intended to ensure the orderly execution and settlement of the transaction.
Trading in NCBA shares is expected to resume once the block trade process is completed.
Earlier this year, Nedbank submitted a multibillion-shilling offer to acquire a controlling stake in NCBA Group.
The proposed deal, valued at approximately Ksh110 billion for the targeted stake based on the offer terms, would give Nedbank effective control of NCBA while preserving a substantial public shareholding on the NSE.
In a notice dated Monday, February 9, NCBA informed shareholders and the investing public that it had received an Offeror’s Statement from Nedbank outlining the proposed transaction’s structure, conditions and strategic rationale.
