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Home Afrika gets shareholder nod to raise Sh5b

BUSINESS
By Lee Mwiti | July 1st 2016
By Lee Mwiti | July 1st 2016
BUSINESS

Listed real estate company, Home Afrika Ltd is eyeing a rights issue and also lining other suitable investors to raise Sh5.5 billion to improve its capital position.

Home Afrika CEO Njoroge Ng'ang'a

The firm sought and obtained shareholders’ approval to double its authorised share capital from the current 500 million to 1 billion shares during its Annual General Meeting held yesterday at the Kenya Institute of Curriculum Development.

The shareholders also authorized the directors, subject to the level of uptake of the rights issue, to identify and negotiate with suitable investors to raise a maximum of Sh5 billion by way of equity and debt capital through the offer and issuance of equity and convertible debt instruments. This capital raising will be subject to CMA and NSE approvals.

According to Managing Director Dan Awendo explained the proceeds of the capital raising activities would go towards completion of the company’s current projects that include Migaa in Kiambu, Lakeview in Kisumu and Lango in Kwale as well as providing seed capital for new projects, which the company is already scouting for. —Dominic Omondi

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