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DTB Kenya Unveils Its $41.5 Million Rights Issue

Caroline Vutagwa by Caroline Vutagwa
7 years ago
in Business
4 min read
0

dtb

 

Diamond Trust Bank Kenya (DTB) has launched its Public Renounceable Rights Issue of Ksh. 3.63. bn ($41.5mn)They will be offering 22 million additional shares at a rights prices of Ksh 165($1.9) per share.

Nasim Devji the Group CEO and Managing Director says, “In the past two years, since our last rights issue, we’ve delivered huge value to shareholders by outperforming the market. It has seen us increase market share and become a leading bank in the region.

In FY14 DTB Group’s asset base grew by 24 percent to stand at Ksh 171 billion, from Ksh 139 billion in FY13. The group’s customer deposit base rose by 25 percent, from Ksh 107 billion in March 2013 to Ksh 134 billion, a year later. Loans and advances to customers went up by a significant 27 percent, year on year, to stand at Ksh 115 billion for the group.

The additional capital raised from the rights issue will be used to fund future asset growth and invest in the branch network and alternative channels in Kenya, as well as strengthen the Banks presence through additional investments in DTB’s subsidiaries in the region.

Devji says, “We will be investing to build up our asset base in the region and realise our aggressive growth aspirations under our vision 2020. We’ll do this by building up a wider network of domestic branches and innovative delivery channels, as well as expanding outside our core East African markets.”

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In the next seven years DTB plans to expand its footprint to new frontier markets in Eastern and Southern Africa subject to successful completion of feasibility studies and receipt of shareholder and regulatory approvals.

READ  China Launches US $2 billion Africa Growing Together Fund

DTB’s ambitious branch expansion programme continues with the total number of branches standing at 103 across East Africa, with a further eight to ten branches to be added to the network by the end of this year.

 

The bank has also invested in a number of alternate delivery channels and new products and services. These include the issuance of prepaid cards, in collaboration with Nation Media Group and Nakumatt.

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Caroline Vutagwa

Caroline Vutagwa

Minding my own business is not enough for me that's why you will always find me minding Africa's Businesses as well as Technology and of course letting you know about it. Talk to me on [email protected]

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