Family Bank Kenya has announced a one-month extension of its Sh9.3 billion rights issue, which will now close on January 31, 2024.
The rights issue, launched in October 2023, allows existing shareholders to buy one new share for every two they own at a discounted price of Sh14.5 per share.
The bank plans to use the funds raised from the rights issue to support its regional growth, IT upgrade, and new product development.
Family Bank, which started as a building society in 1984, operates 93 branches, 5,900 agents, and 144 ATMs in 32 counties.
“The bank’s strategic intent is to become a tier I bank. This will be achieved through continuous investment in the bank’s six pillars of digital transformation, brand positioning, organic and inorganic growth and a key focus on people and IT infrastructure upgrades,” Family Bank told shareholders in a memorandum.
Family Bank’s Company Secretary Eric Murai urged the shareholders to take up their rights and benefit from the offer. “Dear Shareholder, We encourage our shareholders to take advantage of the discounted rights offer and the extended rights period to take up their rights,” he said.
