Kenya Electricity Generating Co. (KEGC), the East African nation’s biggest power producer, weakened for a fifth day to the lowest level in more than a month.

The shares depreciated 2.2 percent to close at 8.8 shillings in Nairobi, the least since Oct. 23, according to data compiled by Bloomberg. The stock has dropped 11.6 percent this week, the steepest retreat over five days since July 2011.

“The price correction is due to closure of its books on Dec. 5 for payment of dividend,” Eva Njuguna, an equity analyst at Nairobi-based Sterling Securities Ltd., said by phone today.

KenGen, as the company is known, will pay 0.6 shilling per share in January as dividend, according to an announcement it made on the Nairobi Stock Exchange on Sept. 27.

To contact the reporter on this story: Johnstone Ole Turana in Nairobi at jturana@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net