Unilever exits NSE

December 11, 2008
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, NAIROBI, Kenya, Dec 11 -The shareholders of Unilever Tea Kenya Limited (UTKL) have passed a Special Resolution to de-list the company from the Nairobi Stock Exchange (NSE) at an Extraordinary General Meeting held in Nairobi on Thursday.

The UTKL Managing Director, Richard Fairburn, said in a statement that the shareholders’ decision has been communicated to the Capital Markets Authority (CMA).
“We are waiting for instructions from CMA to NSE to de-list the company from the bourse,” said Mr Fairburn.

The de-listing of UTKL follows the success of the offer by Unilever Plc through its subsidiary Brooke Bond Group Ltd (Brooke Bond), to acquire the 11.8 percent shares held by minority shareholders in the tea company.

The offer was conditional on Brooke Bond receiving acceptances which, when combined with the existing Unilever Tea shares held by Brooke Bond (88.2 percent), resulted in Brooke Bond holding not less that 90 percent of the issued share capital of Unilever Tea.

Minority shareholders holding 4,602,329 shares representing 80 percent of the 5.75 million shares in their hands accepted the offer and Brooke Bond now holds 97.65 percent or 47,727,329 shares in Unilever Tea.

Shareholders who accepted the offer have received payment at the offer price of sh62 per share, according to the instructions provided in the acceptance forms.

“The move by Brooke Bond to acquire the third party shareholding in Unilever Tea is consistent with Unilever’s strategy to achieve a preferred wholly owned structure within East and Southern Africa. The significant inward investment to purchase the third party shareholding in Unilever Tea is further evidence of Unilever’s commitment to Kenya,” a statement from the company indicated.

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