Kenya’s Consolidated Bank seeking investor to inject 3.5bn shillings

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KENYA’S Consolidated Bank said on Monday it was seeking an investor, either foreign or local, to inject 3.5 billion Kenyan shillings, 34.21 million dollars, as part of its balance sheet reorganisation.
In a statement published in local newspapers, the state-owned bank asked investors to send in their prequalification as a first step by Jan. 9, 2019.
In late November, Consolidated Bank said it had given its directors permission to allot up to 3.5 billion shillings in new preference shares to an unidentified investor.
It also said the reorganisation of its balance sheet was a precursor to privatisation at a later date.
The bank has 17 branches and assets of over 12.5 billion shillings
The National Treasury owns 85.8 per cent of the bank, with the rest of the shares held by other government agencies. (1dollar to 102.3000 Kenyan shillings)

-NAN

BE

– Dec. 10, 2018 @ 10:07 GMT |

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