Taking their interaction with bloggers and their online marketing further I received an email recently from a British American representative.
It outlined that the Capital Markets Authority (“CMA”) has approved their application for approval of the offer for sale of six hundred and fifty million (650,000,000) ordinary shares and the listing of two billion one hundred and fifty million (2,150,000,000) ordinary shares of British- American Investments Company (Kenya) Limited on the Main Investment Market Segment of the Nairobi Stock Exchange (NSE). This public offer which represents 30% of the shares of the company marks a major milestone in the long history of the Company in Kenya.
BA is seeking to raise up to five billion eight hundred and fifty million (5,850,000,000) shillings of new capital to drive our growth strategy which started with our expansion into Uganda last year and which will see us spread our wings to the rest of the East African Community, to include, Tanzania, Rwanda and South Sudan. BA plans to invest in a much broader scale in property development, including both commercial office blocks, and residential housing, to build on past property development successes.
The shares will be offered at Ksh 9 per Offer Share with a minimum of 2000 shares for individual investors. According to BA the Group is already over 60% owned by Kenyan investors, the IPO aims at diversifying shareholding.
The offer will open on 12th July 2011 and close on 5th August 2011.
Anybody with an analysis to offer on BA’s move? As well as any experiences with them? Feel free to comment.