17 July 2014

Kenya: Britam's Corporate Bond Oversubscribed

FINANCIAL services firm British American Group's recently concluded corporate bond has surpassed its Sh3 billion target by more than half after being over subscribed by 147.7 per cent.

Britam said it will take in Sh6 billion since the bond plan had a green shoe option of Sh3 billion, which basically gives some provision for over-allotment.

"The massive participation in the corporate bond is a validation of the confidence the market has in the Group. The funds will give us the additional impetus needed to take our Group to the next level of growth in line with our strategic plan," said Britam's Group managing director Benson Wairegi.

Various fund managers took up 50.9 per cent of the bond issued, bank and insurance companies jointly took 41 per cent and retail investors accounted for 8.1 per cent of the total raised.

Copyright © 2014 The Star. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.