Housing Finance Gets Boost
The ongoing Housing Finance (HF) rights issue has received a major boost after a key shareholder announced that it is going to exercise its full rights.
British-American Investments Company (BAICL), a principal shareholder of the mortgage financier, Wednesday confirmed that it will take up its full allocation in the HF rights issue.
BAICL is poised to receive an allocation of 5,635,000 new ordinary shares as per the issue’s information memorandum. According to the memorandum, the company’s shareholders as at May 12, 2008, will be allotted one new share for every one (share) held on that date. Noting that the Group’s shareholders had given them a go ahead on the issue, Benson Wairegi, BAICL Group managing director, said the capital injection by shareholders is a strong vote of confidence in the future of the mortgage lender.
“BAICL’s full participation will give Housing Finance a strong anchor shareholder with a deep commitment to the success of the firm,” Mr Wairegi said.
BAICL and Equity Bank replaced Housing Finance legacy shareholder, CDC, late last year as anchor shareholders.
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Tags: Finance, Housing Finance