Connect with us

Hi, what are you looking for?


KCB rights issue oversubscribed by 46 pc

NAIROBI, August 7 – The Kenya Commercial Bank (KCB) rights issue has been oversubscribed by 46.5 percent, the bank has said.

KCB had on offer 221.78 million shares with the intention to raise Sh5.5 billion for expansion purposes.

“We raised Sh8.1 billion against our target Sh5.5 billion which I must say is significant,” the Bank’s Chairman Peter Muthoka said.

“The oversubscription reflects the confidence shareholders and other investors have in the future of KCB."

Muthoka said shareholders who applied for additional rights will receive an allotment of 25.02 percent of shares applied for on a pro-rata basis.

Further explaining that all refunds both by electronic transfers and bankers cheques will be effected on the August 15.

The shares sale to raise money to fund the lender\’s expansion opened June 18 and closed July 23.

The new shares begin trading on the Nairobi Stock Exchange on August 25, Muthoka said.

The lender\’s next major plan is to have its shares traded on the Uganda Securities Exchange and Tanzania\’s Dar-es-salaam Stock Exchange, Muthoka said.

Advertisement. Scroll to continue reading.

He said the bank had constituted advisory teams for both markets and was sending them a week’s time to meet regulators to discuss the modalities for cross listing.

"We are optimistic that KCB shares will be available to investors in Uganda and Tanzania in the course of the year," Muthoka said.

Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...