NAIROBI, KENYA: The Capital Markets Authority (CMA) has granted approval to Crown Paints Kenya to undertake a rights issue to raise Sh711,810,000 by issuing and listing 71,181,000 new ordinary shares on the Nairobi Securities Exchange. 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 Chief Executive Officer, Wyckliffe Shamiah, observed that the disclosures made on the rights issue comply with the requirements of the Fourth Schedule to the Capital Markets (Securities) (Public Offers, Listing and Disclosures) Regulations, 2002, and contain information that will enable investors to make an informed decision on the rights issue. They are also willing to take more than their initial entitlements subject to availability during the rights issue. Crown Paints Kenya Plc is expected to make bi-annual updates to the Authority on use of the proceeds of the rights issue in line with the disclosures contained in the Information Memorandum.

Source: Standard Digital May 07, 2021 11:10 UTC