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KCB Group seeks shareholder approval for rights issue, dividend

KCB GroupLtd., formerly Kenya Commercial Bank, said April 7 that its boardrecommended a first and final dividend of 2 Kenyan shillings per share for2015.

The per-share dividend payout will involve a cash portion of1 shilling and a scrip dividend of 1 shilling.

Additionally, the lender plans to increase its share capitalby 1.00 billion shillings via the issuance of 1 billion new shares. The nominalvalue of the shares is 1 shilling each. Following the move, the authorizedshare capital of the bank will increase to 4.50 billion shillings.

The company also plans to seek shareholder approval at theApril 29 annual general meeting for an up to 10 billion shilling rights issue.

The company also wants shareholders to approve the change ofits name to KCB Group Plc from KCB Group Ltd.

As of April 7, US$1was equivalent to 101.35 Kenyan shillings.