Kenyan Wall Street | by Wandiri Gitogo
Cooperative Bank of Kenya shareholders approved the acquisition of 90 percent of the issued share capital of Jamii Bora Bank (now Kingdom Bank) during the annual general meeting (AGM) held on 22nd October 2020.
In the deal, COOP bank paid KSh1 billion to acquire 224,153,541 shares at a price of Ksh4.46 each. Therefore, COOP Bank is entitled to 90 percent of the voting rights, 90 percent of distributable profits, and the right to appoint all the directors of the bank…
