KCB Secures Rights Issue documentation
KCB Group has strengthened and modernized the documentation process for the ongoing rights issue to ensure security of information and ease of retrieval.

KCB Group Chief Executive, Martin Oduor-Otieno toured the processing centre at Enterprise Building, Industrial Area,  on Tuesday and was impressed by the level of efficiency of the new system. 
“The processing is progressing well. We have enhanced our reception, recording, verification and processing capability to ensure all application information is secure,” said Oduor-Otieno.

In the new measures taken to enhance security and retrieval, the bank scans all applications in batches and ensures storage in electronic form in a serialized manner to support the query handling process. The verification process includes a live connection to the shareholders CDS accounts to ascertain allocated rights, banking details and accuracy of application and payment details.
 “We are scanning the Rights Issue documentation and feeding the information into a special computer system as a security measure in case there is need to go back to the documents in future,” said the Chief Executive. 

This is the third Rights Issue to be offered by the bank after one in 2004 that raised KSh2.3 billion and another in 2008 whose proceeds topped KSh5.2 billion.
KCB has offered 887.1 million ordinary shares to eligible shareholders at the ratio of 2 new shares for every 5 ordinary shares held in a bid to raise Kshs 15 billion at a discounted offer  price of KSh17.

Oduor-Otieno was optimistic the bank would raise the required amount of capital to support its growth and called upon shareholders to take up their rights and apply for additional rights.
 “We have a team of over 120 people who are receiving applications from agents and are optimistic that we shall raise the required capital,” he said. 

The KCB Rights Issue opened on July 1, 2010 and will close this Friday.    Allotment and announcement of results will take place on August 5, 2010 while listing and commencement of trading at the regional stock exchanges takes place on August 19, 2010.
“The purpose of this Rights Issue is to facilitate our long-term strategy that focuses on consolidating the business in all our markets, meeting  growth needs and growing profitability,” Oduor-Otieno said.

KCB is a regional brand with presence in Kenya, Uganda, Tanzania, Rwanda and Southern Sudan and has a total of 212 branches. The bank has the largest balance sheet at KSh220 billion and over 370 ATMs  with connection to 110 PesaPoint units and 250 Kenswitch outlets.