NAIROBI, Kenya, Apr 27 – HF Group Shareholders have today unanimously approved the issuance of bonus shares aimed at shoring up the Group’s share capital base.
The decision ratified during the Group’s 52nd Annual General Meeting held on April 27th 2018 at the Kenyatta International Convention Centre (KICC) is subject to further regulatory approvals.
If granted, the Group which currently has 350 million paid up shares will issue additional 35 million shares at a price of Sh5 per share. This will take the Group’s total fully paid-up share capital to Sh 1.922 billion.
“We are grateful to our shareholders for approving the bonus share as this shows the level of confidence they have in the future of HF Group. Following the approval, we will issue one new share for every 10 shares held by existing shareholders. This will help us raise Sh175 million in reserves which we will capitalize,” said HF Group Chairman Mr. Steve Mainda.
HF Group recorded a profit before tax of Sh 311 million for the period ending 31 December 2017, marking a 77 per cent decline in profits compared to 2016, reflecting the unfavorable economic and fiscal environment on the back of protracted electioneering.