Ndegwa family makes u-turn on NIC Bank stake

The Ndegwa family has made a u-turn over its declaration not to increase its shareholding in NIC Bank after the lender’s recently oversubscribed rights issue.

The family, through its investment vehicles — First Chartered Securities Limited and ICEA LION Asset Management Limited — said it will not buy additional shares after some of NIC Bank’s shareholders failed to acquire 12.7 million shares they were entitled to in the rights issue.