[David Gichuru, Standard]The Capital Markets Authority (CMA) has given the nod to Crown Paints Kenya Plc to raise Sh711.80 million from shareholders via purchase of additional shares. “The rights will be issued on the basis of one new ordinary share for every one existing share,” noted CMA. “The group’s management plans to use the rights issue funds to facilitate the development of new products, retiring of current facilities and funding regional expansion,” CMA said in a statement. Take a survey“They are also willing to take more than their initial entitlements subject to availability during the rights issue,” said Shamiah. Crown Paints is expected to make bi-annual updates to CMA on the use of the proceeds of the rights issue.

Source: Standard Digital May 08, 2021 08:46 UTC