Kenyan public entities sold a block representing 24.76% of the capital of Kenya Pipeline Company on the Nairobi Securities Exchange on Monday 19 October, for 42.5 billion shillings, according to market data published by Business Daily.
The transaction involved 4.5 billion shares at 9.02 shillings each, almost the 9 shilling price set at the initial public offering. The newspaper reported that it was executed on the block trading segment of the Nairobi Securities Exchange.
President William Ruto confirmed the transfer on Tuesday, saying private investors had acquired about 25% of Kenya Pipeline from public entities. He did not identify the buyers or the sellers. Capital FM said Rock Investment Bank handled the sale and that KCB Capital represented the buying client.
Kenya Pipeline shares had begun trading on 9 March, after an open offer from 19 January to 24 February. The offering raised 112 billion shillings, above the target of 106 billion, according to Business Daily.
This disposal comes less than eight months after the listing. It changes the shareholding of the operator responsible for transporting and storing petroleum products, without the beneficial owners of the block having been made public.