Connect with us

Hi, what are you looking for?


StanChart launches Sh3.2b Rights Issue

NAIROBI, Kenya, Oct 20 – Standard Chartered Bank Kenya has launched its second Rights Issue which seeks to raise Sh3.2 billion in additional capital to support its growth strategy.

This will include building the bank’s assets, increasing loans and advances, recruitment of new staff, opening of new branches and refurbishment of current branches among other projects.

The bank’s chairman Wilfred Kiboro said StanChart will offer 22.08 million new shares at Sh 145 each payable in full upon acceptance.

The offer opens on October 9 and closes on October 26.

“The Rights Issue is intended to raise additional capital to enable the bank be in a sound position to meet any impending regulatory changes that may include increases in the bank’s statutory capital requirements,” said Kiboro during the launch.

The rights will be on the basis of one new share for every 13 existing shares held. Kiboro said new shares will be listed and commence trading at the Nairobi Securities Exchange (NSE) on November 27.

“We strongly recommend to all our shareholders to exercise their rights. And with the discount offered, I think we can comfortably say those who are going to take this offer, it will be like having money in the bank,”Kiboro said.

The Rights Issue was approved by the bank’s shareholders in May during the Annual General Meeting and later by the Capital Markets Authority and NSE.

In 2010, the bank offered its first Sh2.5 billion Rights Issue to buy the custody business from Barclays Bank.

Advertisement. Scroll to continue reading.
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...