August 7, 2019 / 4:45 PM / 4 months ago

Kenyan lawmakers say government should reject KCB Groups's acquisition of NBK

NAIROBI, Aug 7 (Reuters) - A Kenyan parliamentary committee recommended on Wednesday that the government should reject KCB Group’s acquisition of the majority state-owned National Bank of Kenya and instead raise capital by selling additional shares.

“The principal shareholders... should not accept the offer by KCB on the acquisition of 100% shares of NBK,” said the Parliamentary Committee on Finance and National Planning in a report.

“The National Bank should pursue the rights issue way in order to raise enough capital.” (Reporting by Duncan Miriri; Editing by Hereward Holland and Jan Harvey)

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