Nairobi, Feb. 19 -- The closure of Kenya Pipeline Company (KPC) IPO has been extended by three days until Tuesday next week amid the struggle to hit the sale target of Sh106.3 billion.

The Capital Markets Authority (CMA) has approved the extension of the offer, which was initially set to close today.

Multiple top stockbrokers and investment banks reckon they have struggled to sell the state oil pipeline company, especially among high-net worth investors who have expressed interest, but have failed to make payments for the shares.

The Privatization Authority say retail investors, who had been allocated 20 percent of the offer, pushed the State to end the offer period.

Top brokers who sought anonymity indicated that only 20 percent or n...