Mwalimu Sacco at Equatorial Bank meet to raise additional capital
Mwalimu National Sacco will Wednesday attend the Equatorial Commercial Bank’s special general meeting meant to approve plans for raising additional capital.
The teachers’ Sacco acquired the loss making lender from billionaire businessman Naushad Merali. Mwalimu Sacco is required to contribute Sh375 million to defend its 75 per cent interest in the tier-three bank, which announced massive accumulated losses that wiped off 60 per cent of capital. The bank announced a net loss of Sh61 million compared to a profit of Sh41 million for the same period last year.
The bank issued a notice in November inviting shareholders to a special general meeting on December 9, 2015 where resolutions to increase the bank’s authorised share capital from Ksh3.325 billion ($33.25 million) to Ksh3.825 billion ($38.25 million) and the allocation of the new shares will be floated.
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