Kenya's NIC bank gets regulator approval for bonus share issue

NAIROBI, April 8 Tue Apr 8, 2014 2:58am EDT

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NAIROBI, April 8 (Reuters) - Kenya's NIC Bank said on Tuesday it had received regulatory approval for a bonus share issue of one new ordinary share for every 10 fully paid up ordinary shares.

Ranked in the second tier of Kenyan banks, NIC said in a statement that the bonus share issue remained subject to shareholder approval.

The bank, which also operates in Tanzania and Uganda, posted an 11 percent rise in pretax profit in 2013, helped by growth in net interest income.

The new shares would be issued to shareholders on May 8, the bank said.

(Reporting by Richard Lough; Editing by Drazen Jorgic)

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