Bryan Mbugua
8 October 2005
Nairobi — The Kenya Electricity Generating Company (KenGen) yesterday announced it has concluded the appointment of all transaction advisors for the company's Initial Public Offering (IPO).
In a joint statement, the Investment Secretary Esther Koimett and KenGen's Managing Director, KenGen Eddy Njoroge, said the company would convene a meeting with the consultants next week to chart the way forward for the IPO.
The recruitment of advisors started in May this year, with the appointment of PriceWaterHouseCoopers as the lead transaction adviser and a consortium led by Hamilton Harrison and Mathews as the legal advisors.
Other members of the legal consortium include George Oraro and Edward Nathan of South Africa
The recruitment was concluded yesterday bringing on board Deloitte & Touche as the reporting accountants, Image Registrars as the share registrars, Kenya Commercial Bank as the receiving bank and Lowe Scanad and Ogilvy Public Relations as the advertising and communications consultants respectively.
The KenGen IPO has brought together one of the largest teams of consulting advisers ever witnessed in previous IPOs. Dyer and Blair Investment Bank, which leads a consortium made up of CFC Financial Services and Standard Investment Bank is the lead sponsoring broker and will also lead the institutional sales drive.
The team would be supported by a consortium led by Kestrel Capital as the co-sponsoring brokers for the institutional sales. The consortium includes HSBC Bank, Investec Securities and Auerbach Grayson among others.
Driving the retail sales as the sponsoring broker will be Suntra Investment Bank, which will be leading a team of foreign brokers among them Fieldstone Africa of South Africa, Core Securities of Tanzania and MBEA of Uganda
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