Trading in NCBA Group shares on the Nairobi Securities Exchange (NSE) will be suspended from the close of business on Wednesday, October 21, until the close of business on Monday, November 2, 2026.
Nedbank announced on October 19 that the suspension would facilitate the reconciliation of the shareholder register following its acquisition of a majority stake in NCBA Group.
Nedbank Group said its offer to acquire approximately 66% of NCBA’s issued ordinary shares became unconditional after it met all required conditions or had them waived where legally permitted.
“NCBA Shareholders and the public are notified that NCBA Shares will be suspended from trading from the close of business on Wednesday, 21 October 2026 to the close of business on Monday, 2 November 2026 to enable the reconciliation of the Share Register,” read part of the notice.
Despite the acquisition, NCBA will remain listed on the NSE after the transaction is completed.
When NCBA Shareholders Will Be Paid
According to the notice, Nedbank said it expects to begin settling the consideration due to shareholders who accepted the offer on Tuesday, November 3, 2026.
Cash payments to accepting NCBA shareholders and settlement of Nedbank shares will begin on that date, with the transaction also expected to complete on November 3.
“The transfer of NCBA Shares from NCBA Shareholders to Nedbank will be through a block trade executed through the Block Trade Board of the NSE on Tuesday, 3 November 2026. Settlement of Nedbank Shares and dispatch of cash payments to NCBA Shareholders will take place from Tuesday, 3 November 2026,” part of the notice read.
The final results of the offer are scheduled for announcement on Wednesday, November 4, according to the timetable released by Nedbank.
The offer’s settlement date is Wednesday, October 21, following the announcement that all conditions had been met or waived.
Also Read: Nedbank Secures Majority Stake in NCBA Following Oversubscribed Share Offer
NCBA to Remain Listed on the NSE
Nedbank’s acquisition will give the South African financial services group a majority stake in NCBA, while other shareholders will retain their interests in the lender.
Based on the acceptances received by the July 10 closing date, Nedbank’s indicative holding following settlement is expected to be 1,087,362,891 shares, equivalent to 66% of NCBA’s issued shares.
Other shareholders are expected to hold 560,156,641 shares, representing the remaining 34%, subject to the final reconciliation and allocation process.
Nedbank said neither it nor its subsidiaries held NCBA shares before the offer, and it did not acquire or agree to acquire any NCBA shares during the offer period outside the offer.
The transaction is being conducted under Kenya’s Capital Markets Act and the Capital Markets (Take-Overs and Mergers) Regulations, 2002.
NCBA will continue trading on the NSE after the transaction is implemented, although trading will be temporarily suspended during the share-register reconciliation and transfer process.
Also Read: Two Kenyan Banking Dynasties to Cash in Ksh 22Billion in NCBA–Nedbank Deal
Nedbank Secures 79.9% Acceptance
Nedbank received acceptances covering 1,316,357,895 NCBA shares, representing 79.90% of the lender’s issued shares, by the offer’s closing date of July 10, 2026.
Of these, shareholders accepted 920,652,658 shares under their initial pro-rata entitlement and submitted an additional 395,705,237 shares through excess applications.
The excess applications accounted for 24.02% of NCBA’s issued shares, while acceptances under the initial entitlement represented 55.88%.
The figures remain subject to final reconciliation, scaling and allocation by the processing agent. Nedbank said the final number of shares it will acquire would be announced after the reconciliation process.
Under the offer, shareholders could tender up to 66% of the NCBA shares registered in their names and apply to sell additional shares, subject to the offer’s allocation rules.
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