Nedbank’s offer to acquire a controlling stake in NCBA Group has attracted more shares than required, triggering a scaling process for shareholders who submitted excess applications.
Valid tenders covered approximately 1.316 billion NCBA shares, equivalent to 79.90% of the bank’s issued share capital. Nedbank is seeking about 1.087 billion shares to secure its targeted 66% stake.
Shareholders tendered 920.7 million shares under their pro-rata entitlements, representing 55.88% of NCBA’s issued shares. They submitted an additional 395.7 million shares through excess applications.
However, only approximately 166.7 million of the excess shares can be accepted, translating to an estimated acceptance rate of 42.1% for excess applications.
The remaining 229 million excess shares will remain with their respective owners, with payment being made only for the shares allocated to Nedbank.
Based on the indicative acceptances, Nedbank expects to issue approximately 43.63 million new shares and pay a cash portion of about KES 23.24 billion, equivalent to ZAR 2.96 billion at the July 20, 2026 exchange rate.
Upon completion, Nedbank will own 66% of NCBA, while the remaining 34% will continue to be held by other shareholders and traded on the Nairobi Securities Exchange. NCBA will also retain its NSE listing.
The settlement date has not yet been announced because the transaction remains subject to outstanding regulatory approvals and other offer conditions.
The remaining approvals are expected towards the end of the third quarter of 2026, with completion targeted for late Q3 or early Q4.
NCBA shares closed at KES 89.75 on July 24, having gained 6.85% since the beginning of the year and 42.5% over the previous 12 months.
