STANDARD CHARTERED BANK KENYA LIMITED APPOINTS ADVISORS TO FAST TRACK ITS RIGHTS ISSUE

Standard Chartered Bank Kenya Limited’s Rights Issue plans have picked up momentum as the Bank announces the appointment of key transaction advisors. Shareholders approved the Rights Issue during the company’s Annual General Meeting held in May this year. 

The Bank has appointed Standard Chartered Securities Kenya Limited as the Lead Transaction Advisor and Standard Investment Bank as the Lead Sponsoring Stockbroker.

Standard Chartered Bank Kenya Limited will be the Receiving Bank while Mboya Wangong’u & Waiyaki Advocates will be the Legal Advisors. The Reporting Accountant will be KPMG and Custody & Registrars Services Limited will act as the Share Registrar. Image Registrars are the Data Processors for the Rights Issue while Hill + Knowlton Strategies and McCann Kenya Advertising will handle the public relations and advertising respectively.

 

Standard Chartered Bank Kenya Limited  Managing Director Richard Etemesi said that the appointment of the transaction advisors sets the stage for the Rights Issue, which is expected raise KShs 3.2 billion in new capital, subject to the approval by market regulators. 

“The appointment of the advisors is a key step in this transaction, as we will use their expertise to ensure the successful completion of this exercise” said Etemesi, adding that the transaction team will prepare the documents needed for approval by regulators including the Capital Markets Authority and the Nairobi Securities Exchange.

 

Standard Chartered Bank is listed on the NSE with a market capitalisation of approximately KShs 57.1 billion, and is currently trading at KShs 199 per share