Kenyan banking group NCBA will suspend trading in its shares on the Nairobi Stock Exchange from the close on 21 October until the close on 2 November, according to the timetable announced on 19 October for its takeover of about 66% by South Africa's Nedbank. The halt is intended to align shareholder registers before the transfer of securities.
In its notice published on the SENS market information system, Nedbank states that the offer became unconditional on 15 October. The group must acquire about 1.087 billion NCBA shares, following the reconciliation and allocation of tendered shares.
The transfer of shares to Nedbank, the issue of new shares by the South African group and the payment of the cash component to shareholders who accepted the offer are expected from 3 November. Trading in NCBA shares is also expected to resume around that date.
NCBA will remain listed in Nairobi, with about 34% of its capital held by the public. For its customers, the bank says its brand, local management and head office in Nairobi will be retained. It states that its products, branches and digital services will continue to operate unchanged.
The offer closed on 10 July. Shareholders tendered almost 79.90% of the capital, according to NCBA, beyond the stake sought. Tendered shares were therefore scaled back pro rata to bring Nedbank's stake down to about 66%.
Nedbank plans to publish the final amounts paid in cash and the number of new shares issued around 5 November. The group expects to consolidate NCBA's results in its accounts in the fourth quarter of 2026.