I&M Holdings has officially listed its new shares at the Nairobi Securities Exchange after a successful conclusion of the merger deal between I&M Bank with investment company, City Trust through a share swap.The merger which concluded early June resulted in set up of a holding company, I&M Holdings Limited, in a transaction that enabled I&M Bank’s shareholders to exchange their shares for those of City Trust in a reverse takeover. “We are excited about this transaction which has enabled the shareholders of the Bank to list on the NSE thus providing liquidity for our institutional, corporate and individual shareholders.
The listing also provides us with the platform to raise additional capital in the future to facilitate the achievement of our long term growth and expansion strategy and to improve on our capacities to successfully manage the growth we have achieved in the last few years,” said I&M Bank’s Executive Director Sarit Raja-shah Mr Mathur, the Chief Executive said that the bank’s main focus is now turned on customer service and product innovation to enhance on it’s competitive edge. “The new growth path we have taken will give our network capacity to offer quality and efficient service to our customers as well as providing more innovative technology-driven products to our clients,” said Mr. Mathur.
As the new shares begin trading, the bank is making progress in its efforts to expand into the regional markets. “Our regional expansion drive remains a key focus for us for the better part of the remainder of 2013 and 2014 with feasibility studies going on for possible acquisitions or fresh licenses in Uganda, South Sudan and Zambia. In our recent visits to Tanzania and Rwanda we have witnessed growing enthusiasm towards I&M Bank’s regional platform renewing our belief that our regional agenda will meet our objectives and drive the development of the financial system in the region,” said Mr. Mathur.
The listing will see the reconstitution of the Board of Directors and a new shareholding structure of I&M Holdings. The new board led by Mr Daniel Ndonye as Chairman will include Mr. SBR Shah, Mr. Michael Karanja, Mr. Sarit Raja Shah, Mr. Madabhushi Soundararajan, Ms. Christian Gabener and Mr. Guedi Ainache. Ziyungi Limited becomes the largest shareholder with 18.74% followed by Minard Holdings Limited with 17.27% and Tecoma Limited with 16.66%. Others include Biashara Securities (13.92%), DEG (6.25%), Proparco (4.43%), Prime Securities (3.65%), Bhagwanji Raja Foundation (2.41%), I&M ESOP Trust (0.35%), and the Public (16.32%).