Ndegwa family gives up right to raise stake in NIC

The Ndegwa family has waived the option to increase its shareholding in NIC Bank after the lender’s shareholders applied for more than three times the amount of shares on offer in its Sh2 billion rights issue.

The family had received the Treasury’s approval to grow its stake above the limit of 25 per cent to a maximum of 35 per cent if other investors failed to participate fully in the lender’s Sh2.07 cash call.