NAIROBI: The lender initially planned to raise 3.5 billion shillings, but said in a statement that 84 percent of its shareholders had taken up their rights in an oversubscribed issue that received 9.01 billion shillings in bids. Housing Finance says it opted for a cash call after high interest rates forced it to ditch plans for a corporate bond issue last year. It had offered 116.67 million new shares at 30 shillings each. Every two existing shares were entitles to one new share. It said the rights shares that were not taken up would be allocated on a pro rata basis to eligible shareholders who have applied for additional shares. The new shares will start trading on April 15, it said. Kenya needs 210,000 new housing units annually, well above the 50,000 houses actually built, according to a study by the country’s central bank and the World Bank. See Also: Uhuru calls on World Bank to support delivery of projects Do you have something to add to this story? Comment here. TOPICS: WORLD BANK, HOUSING FINANCE Share this story: Related Stories Housing Finance 2014 pretax profit down 4pc Housing Finance raises Sh3.5b in rights issue, targets expansion Kenya’s Housing Finance 2014 pretax profit down 4 pct Uhuru calls on World Bank to support delivery of projects Latest News ‘World’s strongest dwarf’ to wed 6ft 3in tall transgender woman Nigeria election results due to start trickling in Chinese scientists consider constructing power station in space Jailed rapist facing court order for sending threatening letters to traumatized victim from behind bars SportPesa fever bites campus soccer’s ‘mashabiki’ Kenya to hold interviews for new central bank governor in April NEXT STORY » Standard Chartered Kenya posts 7.5 pct rise in 2014 pre-tax profit Read More…
Markets, oil drop in Asia but bitcoin edges towards $50,000
HONG KONG: Markets fell in Asia on Friday in holiday-thinned trade with investors awaiting developments in US stimulus talks, while...
