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Report: Danish fund invests 1.2B shillings in Kenya's Sidian Bank

Denmark's Investment Fund for Developing Countries agreed to invest 1.2 billion Kenyan shillings in Sidian Bank Ltd. in exchange for an eventual 20% stake, Business Daily Africa reported March 8.

The cash investment is expected to bolster Sidian's regulatory capital ratios and facilitate its lending to small businesses, the newspaper said.

Sidian Bank Chairman James Mworia said the fund will have the option to convert its loan to the bank into equity within the first three years as part of the deal. Should the Danish fund take the option, it could become Sidian's second-largest shareholder with a 20% stake in the bank, after Centum Investment Co. Ltd.'s 72.93% shareholding.

As of March 8, US$1 was equivalent to 99.61 Kenyan shillings.