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AA Kenya pursues shareholder capital through restricted public offering

Judd Mutua by Judd Mutua
October 9, 2023
in News
Reading Time: 2 mins read

AA Kenya PLC has unveiled plans for a Restricted Public Offer (RPO) aimed at raising capital from its shareholders to support strategic initiatives.

This move comes as a significant milestone following the successful completion of the company’s demutualization journey, aligning with its Strategic Plan for 2022 – 2026 focused on diversification, expansion, and global alignment with Federation Internationale de l’Automobile (FIA) standards.

Read more: Centum sells off nearly 39% of Sidian Bank stake

The Capital Markets Authority’s approval for AA Kenya to raise capital from its members paves the way for new fundraising opportunitites for the organization.

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AA Kenya’s Chief Executive Officer, Francis Theuri, described the approval as a remarkable milestone and a significant win for the organization.

The RPO will be exclusively available to AA shareholders and staff, offering them the first opportunity to invest in AA Kenya. With the RPO Scheduled to run from October 11 to November 27, 2023.

The demutualization process commenced with an Extraordinary General Meeting (EGM), where members approved the decision to demutualize and raise capital. Subsequently, AA Kenya has joined the Nairobi Securities Exchange (NSE) Ibuka Acceleration Program, positioning itself to become investor-ready through various capital market options.

“We invite shareholders to be part of our promising future through this restricted offer,” Theuri said. “With your support, our board’s commitment and our expertise, AA Kenya will reach new heights.”

Read more: Standard Group seeks more job cuts with voluntary early retirement offer

To facilitate the RPO, AA Kenya incorporated two new entities, Automobile Association Holdings PLC (AA Kenya HoldCo) and AA Kenya PLC (AA Kenya), in order to streamline operations and facilitate the transition.

Following the RPO, AA Kenya’s plans include listing by introduction on the Main Investment Market Segment (MIMS) of the NSE.

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Judd Mutua

Judd Mutua

Judd Mutua is a journalist with wide ranging interests ranging from the world of finance to the latest in tech and business news. Off duty you can find him reading his favorite books and manga. Send tips via jmutua@thesharpdaily.com

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