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I&M Group to raise KES 4.2 billion in share deal with EAGH

Huldah Matara by Huldah Matara
October 16, 2024
in Business
Reading Time: 1 min read

I&M Group PLC has announced a proposed subscription agreement with East Africa Growth Holding (EAGH) involving the issuance of up to 86.5 million new ordinary shares. The announcement, made on October 15, 2024, details that the shares will be issued at a subscription price of KES 48.42 per share, representing approximately 4.97% of the company’s expanded total share capital.

The deal, which is subject to regulatory and shareholder approval, marks a significant transaction for I&M Group, a publicly listed company in Kenya. The company’s board of directors has already approved the agreement, which will see EAGH subscribe to the newly issued shares, providing fresh capital to the company.

According to the company’s statement, the completion of this transaction is contingent upon the satisfaction of various regulatory requirements, as well as shareholder endorsements. The Capital Markets Authority, which regulates public offers and listings in Kenya, is overseeing the process under Chapter 485A of the laws of Kenya.

I&M Group cautioned that this transaction could have a material impact on the trading price of its shares, encouraging shareholders and the public to “exercise due caution when dealing in the shares of the Company.” The board also emphasized that further details of the transaction would be shared with shareholders in due course.

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The agreement represents an important step in expanding I&M Group’s capital base, with EAGH’s involvement signifying confidence in the company’s future prospects.

With the subscription price set at KES 48.42 per share, the new issuance is expected to provide significant capital inflows to support I&M Group’s strategic initiatives and growth objectives.

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Huldah Matara

Huldah Matara

Versatile multimedia journalist with a keen interest in compelling stories that resonate with my audience. Reach out on huldahmatara12@gmail.com

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