Kenya: CMA Approves CFC Stanbic Bank's Rights Issue

23 August 2012

CfC Stanbic Holdings has received Capital Markets Authority's nod to go ahead with its planned Rights Issue targeting to raise over Sh1 billion. The company plans raise the its share capital from Sh1.37 billion to Sh2.4 billion in the share offer. The approval allows CfC Stanbic to issue and list an additional 121,637,427 ordinary shares of par value of Sh5 each by way of renounceable rights which will go for Sh33 each to shareholders of ordinary shares.

The offer will be on the basis of of four (4) new share for every nine (9) shares held. The CMA acting chief executive Paul Muthaura said: "CMA has reviewed the disclosures by CfC Stanbic Holdings and is satisfied that all the requirements have been met in accordance with the fourth schedule of Capital Markets (Securities) (Public Offers, Listings and Disclosures) 2012".

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