This comes as Kingdom shareholders approved the company’s US$25 million capital raising plan.
“The directors wish to recapitalise the company and enable it to pursue its organic growth strategy. To realise its growth ambitions, strengthening the capital base for its strategic business units remains imperative, particularly its banking unit which is required to comply with the minimum capital requirements by February 2012,” non-executive chairman, Sibusisiwe Bango, said.
Lynn Mukonoweshuro, group chief executive told an EGM last Friday that the $25 million comprising equity and debt capital will be raised by end of next month, through a private placement and a public rights offer.
KFHL chairperson Sibusisiwe Bango said in addition to the relisting on the local bourse, the financial group would also list on the Johannesburg Securities Exchange and the Stock Exchange of Mauritius (SEM) to access deeper equity and bond markets.
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