KPC shares jump 8 percent after Dangote takes 24.7 percent stake
Kenya Pipeline Company closed at Sh9.78 on Thursday, up 72 cents, as nearly 1.5 million shares changed hands.
Based on reporting by Business Daily, AFX (NSE data) and Kenyans.co.ke.
Kenya Pipeline Company acting managing director Pius Mwendwa. File photo
Shares in Kenya Pipeline Company (KPC) rose 7.95 percent on the Nairobi Securities Exchange on Thursday, closing at Sh9.78 from Sh9.06 the day before, according to NSE trading data.
About 1.49 million KPC shares traded during the day. Business Daily linked the rise to Nigerian billionaire Aliko Dangote's purchase of a 24.7 percent stake in the company, describing investors' reaction as a vote of confidence in the business.
Dangote confirmed the acquisition earlier this week. Business Daily reported that he is expected to make fresh investments in KPC, though no figures have been given.
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