Equity Bank has finally been given the go ahead to acquire 100% stake of Uganda Micro Finance Limited. UML share holders approved of the deal in the past week that will see them get 8million shares in Equity. This is equivalent to 2.2% share holding into Equity.
The Bank will acquire 2billion worth of assets and 28 branches. This is the second deal in which Equity Bank is creating additional shares in the market. Late last year, the Bank captured a lot of attention through the acquisition by Helios Investments of Equity. The acquisition saw an injection of Kshs11 Billion into Equity’s capital base. The acquisition also led to the creation of additional shares.
The new shares will be listing at the NSE on 30th June.
Equity joins Kenya Commercial Bank in venturing into the regional market in an effort to expand its branch network in the region.
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