, NAIROBI, Kenya, Jul 1 – The Capital Markets Authority (CMA) has granted Jubilee Holdings approval to issue bonus shares to its shareholders in the ratio of one new ordinary share for every 10 ordinary shares.
The shares will subsequently be listed on the Main Investment Market Segment of the Nairobi Stock Exchange.
"The Authority has approved the issue and listing on the Nairobi Stock Exchange of an additional 4.95 million ordinary shares in the ratio of one new ordinary share for every 10 ordinary shares held," CMA said in a statement.
Jubilee Holdings shares have been on an upwards trend at the bourse, buoyed by renewed interest in the market. The company is eyeing rapid expansion of its insurance business in Africa, targeting to move into 15 new markets.
It is looking to move into the West, Central and Southern African regions within the next five years as part of the company\’s strategy to become a Pan-African insurer.
Jubilee Holdings is part of the Aga Khan Development Group, which has a 37 percent stake in it. Regionally, Jubilee Holdings is listed at the Nairobi stock exchange, and Uganda Securities Exchange.
At the same time the CMA has also approved the issue and listing on the bourse of an additional 48 million ordinary shares in the ratio of one new ordinary share for every one ordinary share held for Pan African Insurance Holdings.
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