Amassment Corporation has submitted its refined offer for Imperial Bank assets worth Sh49.03 billion after the first one was rejected by Kenya Deposit Insurance Corporation (KDIC). As customary, KDIC’s only expense will be covering any transactional cost associated with the transfer of assets,’’ the firm said. Just like in the initial offer, the Amassment Corporation will be the sole common shareholder of the new firm. ‘’The offer lacked basic requirement we were looking for,’’ KDIC boss Mohamud Mohamud told the Star. A significant portion of Imperial Bank’s assets and liabilities are tied up in lawsuits and will remain with the KDIC.

Source: The Star December 05, 2019 00:56 UTC