Francis Muli
The Capital Markets Authority (CMA) has allowed Crown Paints Kenya to issue and list 71,181,000 new ordinary shares on the Nairobi Securities Exchange (NSE).
The move is aimed at raising Ksh711,810,000, to enable the company to maneuver the tough economic times caused by the Covid-19 pandemic.
The funds raised from the rights issue will be used to facilitate the development of new products, retiring of current facilities, and funding regional expansion.
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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.
According to CMA Chief Executive Officer Wyckliffe Shamiah, 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.
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