NMB to refund Sh37bn to would-be investors

By Mnaku Mbani

The National Microfinance Bank will have to refund would-be investors more than Sh37 billion following oversubscription of its initial public offer (IPO).

Preliminary reports on the IPO, which opened on August 18 and closed on Monday, indicate that it has been oversubscribed by over 42 per cent.

The Consolidated Holding Corporation announced on Tuesday that a total of Sh100 billion was recorded from the sale of the State's 21 per cent stake in the bank. The Government remained with a 30 per cent stake following the floatation of 105 million shares to the public at Sh600 per share. More..


[SOURCE: THE CITIZEN]