NSSF has emerged as the second-largest shareholder in Kenya Pipeline after investing Ksh38.2 billion in the firm’s oversubscribed initial public offering (IPO).
Regulatory filings show the State-backed pension fund acquired a 22.2 percent stake, behind the government’s 35 percent holding and ahead of Uganda National Oil Company’s 20.15 percent stake.
NSSF’s investment was largely hidden through nominee accounts, a structure used by many top KPC investors.
The KPC IPO raised Ksh106.3 billion and achieved a subscription rate of 105.7 percent. NSSF and Uganda together invested more than Ksh72 billion, helping the offer exceed the minimum threshold required for success.
The investment is NSSF’s largest listed equity holding and reflects its growing financial muscle following higher member contributions.
Combined with the government’s stake, State-linked entities now control about 57.2 percent of KPC, giving them majority influence over the company.
