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
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