Cooperative Bank of Kenya shareholders approved the acquisition of 90 percent of the issued share capital of Jamii Bora Bank during the annual general meeting (AGM) held on 22nd October 2020.
In the deal, COOP bank paid KSh1 billion to acquire 224,153,541 shares at a price of Ksh4.46 each. Therefore, COOP Bank is entitled to 90 percent of the voting rights, 90 percent of distributable profits, and the right to appoint all the directors of the bank.
Jamii Bora bank now goes by the name Kingdom Bank and is one of the subsidiaries of Coop Bank.
Coop shareholders also ratified a first and final dividend of KSh1.00 per share in respect to the year ended 31 December 2019. The move will see COOP Bank shareholders receive Ksh5.9 billion in dividend payments.
The shareholders also elected Mrs Weida Welton, Patrick Githendu, Benedict Simiyu, Lawrence Karrisa, and Mwambia Wanyambura as directors being members of the Board Audit committee.