This archive report was first published on 7 August 2020.
Published on August 7, 2020, NCBA Group announced plans to list an additional 606 million shares over the next five years.
The move will see the bank's nominal capital increase from KSh7,969,024,325 to KSh12,575,159,460, comprising 3,200,000,000 ordinary shares of KSh5 each.
Shareholders approved the plan at an electronic Annual General Meeting (AGM) held on July 24, 2020, allowing the board of directors to take actions related to the allotment and issue of the new ordinary shares.
The newly allotted shares will be admitted to the Nairobi Securities Exchange (NSE) for trading and listing, but will not participate in any dividend declared by NCBA for the period leading up to the allotment and issuance.
Additionally, the AGM increased the maximum number of directors from thirteen to fifteen.
NCBA is the product of a merger between Commercial Bank of Africa Limited and NIC Group PLC, a transaction that was completed in October 2019.
