NCBA Trading Halt: Shares Suspended 21 October to 2 November as Nedbank Completes 66% TakeoverNCBA Trading Halt: Shares Suspended 21 October to 2 November as Nedbank Completes 66% Takeover
Key Highlights
- Trading in NCBA shares on the Nairobi Securities Exchange stops from close of business on 21 October until close of business on 2 November so the share register can be reconciled.
- Shareholders tendered 1,316,357,895 NCBA shares, equal to 79.90% of the bank's issued shares, so excess applications were scaled back pro rata to bring Nedbank's holding to about 66%.
- The block trade moving shares to Nedbank is set for 3 November, when settlement and cash payments begin, while the remaining 34% stays with the public and NCBA keeps its NSE listing.
NCBA Group shares will stop trading on the Nairobi Securities Exchange (NSE) from the close of business on 21 October until the close of business on 2 November, as Nedbank Group completes its purchase of about 66% of the Kenyan lender.
The pause matters to every NCBA shareholder because nobody can buy or sell the stock while the register is rebuilt. NCBA Group said the suspension allows the share register to be reconciled, with the block trade transferring shares from existing holders to Nedbank on 3 November, when settlement and cash payments also begin.
What the scale-back means for sellers
Nedbank set out to acquire 66% of NCBA, but the offer drew far more than that. According to Nedbank's results announcement, shareholders tendered 1,316,357,895 shares, equal to 79.90% of the shares in issue. Of that, acceptances within each holder's 66% entitlement came to 920,652,658 shares (55.88%), while excess applications added 395,705,237 shares (24.02%).
Because the total exceeded the target, excess applications are scaled back pro rata so that Nedbank ends with about 66%. Shareholders who applied for more than their entitlement should therefore expect to keep some of the shares they offered. The offer closed at 5pm East Africa Time on 10 July 2026.
Cash and shares on offer
The same Nedbank announcement put the cash consideration at about KSh 23.24B ($178.86M), and said about 43,626,646 new Nedbank ordinary shares would be issued as the share part of the payment. Cash is due to start flowing from 3 November under the NCBA timetable.
As Mwenendo earlier reported, Kenya's shilling firmed to KSh 129.81 in the week to 15 October, a backdrop of currency stability for a deal priced across rand and shilling.
Who stays on the register
The remaining 34% of NCBA stays with the public, and the bank remains listed on the NSE. NCBA says its products, branches and digital channels are unchanged, and it keeps its brand, local leadership and Nairobi headquarters. The group operates in six markets: Kenya, Uganda, Tanzania, Rwanda, Ivory Coast and Ghana.
Investors weighing other NSE opportunities can see how retail demand is behaving in the market, as Mwenendo earlier reported on how Kenyans can now buy Dangote receipts from KSh 535. Further detail on the final settlement terms is expected from NCBA and Nedbank in notices to the exchange.
In Summary
- Who is buying NCBA?
- Nedbank Group Limited, which will hold about 66% of NCBA Group.
- What is happening to NCBA shares?
- Trading is suspended so the share register can be reconciled before shares move to Nedbank.
- When is the suspension?
- From close of business on 21 October to close of business on 2 November 2026; block trade and settlement on 3 November.
- Where do the shares trade?
- On the Nairobi Securities Exchange, where NCBA stays listed.
- Why were offers scaled back?
- Holders tendered 79.90% of shares against a 66% target, so excess applications are cut pro rata.
- How will sellers be paid?
- In cash of about KSh 23.24B ($178.86M) plus about 43,626,646 new Nedbank shares, from 3 November.