KenolKobil shares may decline to Sh13 following a move to list new ordinary shares under the Employee Share Option Plan (ESOP).
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ApexAfrica Capital Ltd told investors that the listing of KenolKobil’s 79 million shares on the Nairobi Stock Exchange (NSE) under the KenolKobil Esop is expected to have a dilution effect of about 5.0 percent.
The counter is currently trading at Sh13.75.
Only last year KenolKobil paid its former boss Jacob Segman an undisclosed amount to settle a case out of court where the Israeli who had served the firm for 23 years made a Sh300 million claim on his Esop.