This research report was prepared by the Research Department of Old Mutual Securities Limited. Old Mutual Securities Limited is a securities trading company licensed by the Capital Markets Authority (Kenya) for the purpose of facilitating trade on the Nairobi Securities Exchange.

FV KES 72.35 +13.93%, CP KES 63.50 Maintained at BUY
NIC bank opened its KES 2.10Bn (USD 23.35m) rights issue on 23 October 2014.The current issue is NIC’s third such exercise in seven years (previous rights issues were in 2007 – KES 1.1Bn and 2012 – KES 2.07bn). Proceeds from the current offer will be applied broadly to support NIC’s branch expansion, strengthen regional operations and boost the bank’s capital reserves giving it further headroom for future growth ahead of the January 2015 deadline for implementation if the Basel III regulation.
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