Managing Director Dr Charles Kimei
2, 357,251,200/- to fund the bank’s expansion plans.
The share sell was announced yesterday in Dar es Salaam by the
Banks’ Managing Director Dr Charles Kimei said the sell is being
undertaken subsequent to a recommendation made by the Bank’s Board of
Directors as passed in March this year and approved at an ordinary
General Meeting in May.
“The new shares will be sold at 350/- per share and eligible
shareholders are those who were in the bank’s record by June 18 this
year,” he detailed.
He said money obtained from selling the rights issue will be used
to fund the Bank’s growth strategies and invest in branch optimisations
to support growth in risk assets particularly in the Small and Medium
entrepreneurs, retail and corporate sectors.
“I will also be used to invest in IT systems and processes to
improve efficiency and support regional expansion and growth of
financial subsidiaries,” he added.
Dr Kimei said offering the new shares is the best way of increasing
capital and providing an opportunity for shareholders to increase their
shares and ownership of the bank.
He noted that the Rights Issue is on the basis of one new share for
every five existing shares held and that Rights are renounceable to the
Underwriters at 32/- per New Share subject to the Maximum Underwriting
Commitment and the provisions of the Information Memorandum.
Dr Kimei said eligible shareholders may also, at their option,
choose not to take any action at all and untaken Rights will be sold to
the Underwriters at 32/- per new share.
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