19 December, 2011

CfC Stanbic Holdings shareholders approve rights issue

Nairobi: December 19th 2011: Shareholders of CfC Stanbic Holdings Limited have approved a  Rights Issue at an Extraordinary General Meeting held in Nairobi on 19th December 2011.  

Shareholders also voted to raise the firm’s authorized share capital from KES 1,368,421,055.00 to KES 2,368,421,055.00.  The authorized share capital of KES. 2,368,421,055.00 is divided into four hundred and seventy three million six hundred and eighty four thousand two hundred and eleven (473,684,211) ordinary shares of Kenya shillings five (KES 5.00) each, by the creation of two hundred  million (200,000,000) new ordinary shares of Kenya Shillings five (KES 5.00) each.

Effectively, the move paves way for the Board to make formal applications to the Capital Markets Authority and the Nairobi Securities Exchange for the Rights Issue which is targeted for the second quarter of 2012.

Confirming shareholders nod to the transaction CfC Stanbic Holdings Chairman Mr. Fred Ojiambo said: “We are very pleased that our shareholders have approved the Rights Issue which can now proceed in accordance with the Capital Markets Authority and the Nairobi Securities Exchange regulations. We regard this resolution as a demonstration of confidence by our shareholders in the strategic course that we set for the Group.”

The Managing Director of CfC Stanbic Holdings, Mr. Kitili Mbathi said the Rights Issue would strengthen the Group’s capital position, and support the continued growth of the business in the future.

“In the past few years we have laid a strong foundation for the Group’s future and as the impressive results as at 30th September demonstrate, we have been successful in implementing our strategy.  We believe that there are great opportunities for growth and it is critical that we have sufficient capital to take advantage of these opportunities” Mr. Mbathi added.

At the Extraordinary General Meeting, shareholders also approved the amendment of the Articles of Association to reflect the new capital structure.

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