Kenya: Family Bank Extends Right Issue to January 31

8 January 2024
Capital FM (Nairobi)
By Kevin Rotich

Nairobi — Family Bank has extended its Sh9.3 billion right issue to January 31, 2024.

The exercise, which was first unveiled in October last year and was to end in a subsequent month, will see the lender offer its existing shareholders an extra share for every two owned at a cost of Sh14.5 each.

The lender earlier announced that it will pump proceeds from the right issue to fund its regional expansion as well as IT and infrastructure.

"Kindly note that the Board of Directors has extended the Rights Issue Closure Date to 31st January 2024," the bank's Company Secretary Eric Murai said.

"Dear Shareholder, We encourage our shareholders to take advantage of the discounted rights offer and the extended rights period to take up their rights," he added.

Started in 1984 as a building society, Family Bank became a fully-fledged commercial bank in 2007.

Now, it runs a network of 93 branches, 5,900 agents, and 144 ATMs across 32 counties.

Read the original article on Capital FM.

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