• Most Popular
  • Most Shared

Kenya's KCB says rights issue 46% oversubscribed

Thu Aug 7, 2008 3:53am EDT

NAIROBI, Aug 7 (Reuters) - Kenya Commercial Bank (KCB) KCBK.NR said on Thursday its 5.5 billion shillings ($83 million) rights issue had been oversubscribed by 46 percent, raising demand worth 8.1 billion shillings.

The bank will use the money raised to boost its balance sheet, invest in subsidiaries and expand the branch network in east Africa.

"Our next agenda is to progress our plans to cross-list KCB at the Dar-es-Salaam Stock Exchange and the Uganda Securities Exchange," said Martin Odour-Otieno, KCB's chief executive.

Kenya's government shareholding will be reduced to 23.1 percent from 26.2 percent after it opted not to take up its rights, said Oduor-Otieno.

The bank reported it made a pretax profit of 3.5 billion shillings in the first half of 2008, up from 2 billion in the same period a year ago. (Reporting by Michelle Kenda; Editing by Greg Mahlich)



More from Reuters

Joint Terminal Attack Controller SSgt Clinton J. Herbison, a U.S. Airman from the 817 Expeditionary Air Support Operations Squadron (EASOS) takes a break during a night mission near Honaker Miracle camp at the Pesh valley of Kunar Province August 12, 2009. Credit: REUTERS/Carlos Barria

Pictures of the Year

A look at the best photos of 2009.  Slideshow 

    PICTURES
    The Dalai Lama jokes with a nasal spray after being asked his opinion on the swine flu during a press conference after his first lecture in Lausanne, Switzerland, August 4, 2009. REUTERS/ Valentin Flauraud

    What a wacky year it's been...

    Um, what's up the Dalai Lama's nose? "Oddly Enough" editor Bob Basler rounds up the goofiest photos of the year.  Full Article 

    Oddly Enough
    A caution sign is seen next to a stock board at the Australian Securities Exchange (ASX) in Sydney September 5, 2008. REUTERS/Daniel Munoz
    Political Risk in 2010:

    Don't say we didn't warn you

    With the financial crisis (mostly) in the past, U.S. investors are eying a fresh start to the coming year. Here's a look at what speedbumps lie ahead.  Full Article 

    Global Markets