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Kenya

KCB Rights Issue results due Thursday

NAIROBI, August 6 – Results of the recently concluded Kenya Commercial Bank Rights Issue are due out Thursday.

Shareholders will be keen to hear whether they succeeded to take up all the 222 million shares that were on offer in the ratio of one new ordinary share for every nine already held.

The Rights Issue closed on July 11. The record register closed on June 4 but the upload of the issues into the CDSC system as well as the sending of provisional allotment letters took place on June 13.

Commencement in trading of the rights started on June 23, while the last date of immobilisation of provisional rights took place on the June 30th of June.

A last-minute rush characterized the final day of the rights issue with all indications from bank officials and independent brokers being that the share would be fully taken up or oversubscribed.

On the other hand KCB was looking to raise shs5.5 billion to be used for expansion in the region.

The new shares begin trading on the market on the 15th of August.

Mortgage Company Housing Finance (HF) was the most recent to list additional shares on the bourse after conducting a Rights Issue that saw a 3 percent oversubscription.

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