Kenya market regulator approves Diamond Trust's cash call

NAIROBI, June 17 Tue Jun 17, 2014 10:59am EDT

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NAIROBI, June 17 (Reuters) - Kenya's Capital Market Authorities (CMA) approved plans by Diamond Trust Bank to offer shareholders a rights issue at the rate of one for every 10 held, it said on Tuesday.

Diamond plans to sell 22 million shares to raise funds for the expansion of its network and to support future lending.

The offer will open on June 30 and close on July 25, the regulator CMA said, adding the lender, which operates in neighbouring nations in east Africa, would use some of the proceeds of its issue to invest in the regional subsidiaries. (Reporting by Duncan Miriri; editing by Keiron Henderson)

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