Sudhir eyes 1b/- Stanbic shares
Dec 13, 2006
PROPERTY magnate Sudhir Ruparelia is to purchase 15 million shares worth sh1b from Stanbic Bank.
By James Odomel
PROPERTY magnate Sudhir Ruparelia is to purchase 15 million shares worth sh1b from Stanbic Bank.
Sudhir said this during the Crane Financial Services’ public presentation at Kabira Club Tuesday.
The group is a co-broker for Stanbic Bank initial public offering.
“I am buying Stanbic Bank shares worth sh1b. The dividend policy is good,†he said.
The bank is offloading 20% shares and one billion shares at sh70 each are available. The Government will sell its 10% shares in Stanbic Bank while the bank will also offer 10%. The sale is the largest in East Africa in terms of the number of shares issued.
Managing director Kitili Mbathi hopes to raise sh70b from the sale, and give Ugandans an opportunity to own shares in the bank and benefit from its profitability.
The share offer period ends on December 22 with listing expected around January 25 on Uganda’s bourse. Shareholders will apply for multiples of 1,000 shares.
PROPERTY magnate Sudhir Ruparelia is to purchase 15 million shares worth sh1b from Stanbic Bank.
Sudhir said this during the Crane Financial Services’ public presentation at Kabira Club Tuesday.
The group is a co-broker for Stanbic Bank initial public offering.
“I am buying Stanbic Bank shares worth sh1b. The dividend policy is good,†he said.
The bank is offloading 20% shares and one billion shares at sh70 each are available. The Government will sell its 10% shares in Stanbic Bank while the bank will also offer 10%. The sale is the largest in East Africa in terms of the number of shares issued.
Managing director Kitili Mbathi hopes to raise sh70b from the sale, and give Ugandans an opportunity to own shares in the bank and benefit from its profitability.
The share offer period ends on December 22 with listing expected around January 25 on Uganda’s bourse. Shareholders will apply for multiples of 1,000 shares.