Shareholders approve plan by bank to raise capital

Kenya: Shareholders of the proposed Fountain Microfinance Bank which was given a provisional approval by the Central Bank (CBK) in July, voted to raise the bank's authorised share capital from Sh120 million to Sh600 million.They also voted to change the company name from Fountain DTM Limited to Fountain Microfinance Bank in accordance with recommendations from CBK.

Addressing shareholders at an Annual General Meeting  held at CITAM Parklands, the Chairman, Erastus Mwongera said 2014 marked a turning point for the company, which is part of the Fountain Enterprise Programme (FEP) Group.