Capital Markets

DTB to sell 22m shares in rights issue

DTB

A client at a DTB cash machine. The lender has announced plans to sell 22m shares in rights issue. FILE

Diamond Trust Bank is set to raise new capital through sale of 22 million extra shares by way of a rights issue.

The lender is seeking approval of the shareholders’ cash call at an extra-ordinary general meeting to be held on March 4.

DTB is a Kenyan-based bank that also has operations in Uganda, Tanzania and Burundi.

The rights issue will raise DTB’s authorised share capital to Sh1.2 billion.

If the cash call receives shareholders' approval, DTB will join power generator KenGen, retail chain Uchumi and National Bank which have lined up multi-billion-shilling rights issues this year.