Significant to the right issue is the entry of Habib Bank Limited (HBL) in the bank's ownership. HBL, which operates in over 26 countries worldwide, took up the right issue allocated to the bank's principal shareholder, the Aga Khan Fund for Economic Development (AKFED). HBL is subsidiary AKFED. "HBL's involvement in Diamond Trust will be a significant step forward in internationalizing our existing regional operations," noted Diamond Trust Bank chairman, Mahmood Manji.
The bank started its expansion in 2003, upgrading its information technology infrastructure.
It also changed its and its focus to retail banking by opening more branches.
It has since branched out to Uganda and Tanzania. In May this year, it opened a branch in Zanzibar and an extra outlet in Kampala. It has also opened more branches in Kenya.
The launch of trading in the bank's rights issue shares came barely two weeks after the listing of Eveready shares at the mart.
Nairobi Stock Exchange chairman Jimnah Mbaru said it was "a good omen that 2007 will be yet another great year for the capital markets in Kenya."
Source: All Africa
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