Standard Chartered Kenya sets rights offer price

Standard Chartered Bank Kenya Ltd, the local unit of Standard Chartered Plc., will sell 15.1 million shares at 165.45 shillings ($2.04) each through a rights offer, an adviser on the sale said. The offer opened today and will close September 28, and the new shares will begin trading on the Nairobi stock exchange on October 29, Wanjiku Mugane, chief executive of Nairobi-based First Africa Capital Ltd, told reporters in the city today. Part of the 2.5 billion shillings raised from the sale will be spent on purchasing Barclays Bank Africa Plc’s custody business, Wilfred Kiboro, chairman of Standard Chartered Kenya, told reporters. Standard Chartered shareholders approved the 1.88 billion-shillings acquisition on May 28, he said. “The business is a successful pan-African and securities and custody business consisting of direct custody capabilities in eight African markets,” he said. Custody business will be added in another 8 African countries through third parties, Kiboro said.