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Crown Paints issue oversubscribed by 13.7pc

NAIROBI, Kenya, Jul 16 – Crown Paints Kenya PLC additional rights issue shares 71,181,000, have been listed on the NSE, following a successful Rights Issue that opened on 10th June 2021 and closed on 30th June 2021.

The Transaction Advisors Bob Karina who is the Chairman of Faida Investment Bank said the rights issue had an over subscription rate of 13.7 percent. 

“The total number of shares that were applied for under the Rights Issue were 80,959,470 against an offer of 71,181,000 shares.”

Commenting on the matter, the Crown Paint’s Group CEO, Dr. Rakesh Rao, said “on behalf of the Board of Directors, I wish to thank all shareholders for participating in the just concluded successful Rights Issue. It is a true demonstration of the confidence shareholders have in the company. This is a launchpad towards our goal of growing profitability, driving sustainable development and long-term equity value.”

 The Rights Issue which had been approved by the Capital Markets Authority on 5th May 2021, was a success having met the minimum subscription rate which was set at 50%.

 The Gross Proceeds of the Rights Issue amounted to Sh711,810,000.00 with the total accepted shares accepted at 71,181,000.

The above announcement was issued with approval of Capitals Markets Authority and also involved ABSA Bank Kenya PLC who acted as the receiving bank. Ernest & Young LLP were the reporting accountant and Anjarwalla and Khanna LLP acted as the legal advisors.

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