Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

http://www.businessweek.com/news/2012-11-01/nic-bank-jumps-to-15-month-high-on-bonus-offer-nairobi-mover

Bloomberg News

NIC Bank Jumps to 15-Month High on Bonus Offer: Nairobi Mover

November 01, 2012

NIC Bank Ltd. (NICB), a Kenyan lender, climbed to the highest level in more than 15 months after announcing the cut-off date for a bonus share offer.

The stock advanced 1.3 percent to 38.50 shillings by the close in Nairobi, the strongest since July 2011, according to data compiled by Bloomberg.

“The notice of the bonus issue had an impact on the share price,” Moses Waireri, a research analyst at Nairobi-based Genghis Capital Ltd., said in a phone interview. “The only way for this company is up because investors have a lot of confidence in the management as demonstrated by the level of oversubscription of its rights issue.”

NIC will issue one free share for every 10 held to investors in its shareholders’ register by the close of business on Nov. 22, it said yesterday.

To contact the reporter on this story: Eric Ombok in Nairobi at eombok@bloomberg.net.

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus