14 November 2012

Kenya: Stanchart Nets Sh8.3 Billion in Cash Call

STANDARD Chartered Bank Kenya's rights issue has been oversubscribed by 158.4 per cent netting Sh8.3 billion against a target of Sh3.2 billion.

The rights issue which kicked off on October 9 closed on October 26. It was launched to raise cash for boosting its capital ahead of the Sh1 billion new minimum capital requirement and fund growth of its business.

"The Bank's performance, strength and positive outlook have been major catalysts for the interest in our rights coupled with the fact that at Sh145 the offer price was a good bargain," said Standard Chartered Bank CEO, Richard Etemesi.

The dispatch of the Share Certificates, refund cheques via agents and electronic crediting of CDS accounts of the new shares will be begin on November 22. The date of listing and commencement of trading of the new shares on the Nairobi Securites Exchange is slated for November 27.

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