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Troubled Church-owned SMEP Microfinance bank is seeking shareholder approval to sell a majority stake for Sh571.8 million to an undisclosed strategic investor as it searches for capital for turnaround efforts after a loss-making streak.
The microfinance has invited shareholders to an extraordinary general meeting (EGM) on January 23, with the owners expected to vote on the sale of a 51 per cent stake to an equity partner.
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