HF Group Plc has resolved to offer up to 1,499,995,255 new ordinary shares to existing investors at KSh 5 inclusive of a 30 percent greenshoe option.
- •In August 12th decision by the company’s board, shareholders are set to be offered shares at a ratio of 3 shares for every share held.
- •HF Group recorded a KSh 150 million profit after tax in first quarter of 2024 driven by faster growth in non-interest income.
- •As of 31st December 2023, Britam Holdings had 19.4 percent stake at HF Group with Britam Life Assurance Company taking a total of 22.03 percent.
The Transaction is subject to approval by Shareholders, Capital Markets Authority (CMA) and Nairobi Securities Exchange (NSE) coupled with a “No Objection” from Central Bank of Kenya (CBK).
The greenshoe option, which is a provision in an initial public offering (IPO) underwriting agreement, grants HF Group right to sell more shares than originally planned if demand for a security issue proves higher than expected.
HF Group was listed at NSE in 1992 and trades at Nairobi Securities Exchange under ticker symbol HFCK. The counter closed the previous trading day at KSh 4.15, a year to date gain of 19.3 percent. With reference to KSh 4.15 closing price, shares are being offered at a premium.
“Shareholders of the Company and the public are advised to exercise caution when dealing with Company shares as Transaction may have a material effect on price of the Company’s shares,” said HF Group in a Public Notice adding that any additional information will be published with approval of Capital Markets Authority.
HF Group formerly (Housing Finance Limited) is a financial services group with interests in mortgage lending, corporate and retail banking, property development and a bancassurance business.
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