Crown Paints to raise Sh712m to fund EA units

THE STANDARD
BUSINESS
Crown Paints Group Vice-Chairman Hussein Ramji attend the virtual 63rd annual general meeting.
Crown Paints Plc will use the Sh711.80 million being raised via the rights issue to salvage its subsidiaries in Uganda, Rwanda and Tanzania, which the paint and coating firm revealed are struggling with debt.
Just a year after the company wrote off Sh653 million it had invested in its subsidiaries in Uganda and Tanzania, the Nairobi Security Exchange (NSE) listed firm has now turned to its shareholders for more capital.
The company did write off Sh374 million for Crown Paints Tanzania and Sh278 million for Regal Paints, its Uganda subsidiary. The rights issue will see shareholders of the company allowed to purchase additional shares.

Related Keywords

Rwanda ,Nairobi ,Nairobi Area ,Kenya ,Tanzania ,Uganda ,Conrad Nyukuri ,Crown Paints Tanzania Ltd ,Crown Paints Plc ,Capital Markets Authority ,Nairobi Security Exchange ,African Community ,Crown Paints Rwanda Ltd ,Crown Paints Tanzania ,Regal Paints ,East African Region ,Crown Paints ,Company Secretary Conrad ,Regal Paints Uganda ,East African Community ,Paints Plc ,ருவாண்டா ,நைரோபி ,நைரோபி பரப்பளவு ,கேந்ய ,தான்சானியா ,உகந்த ,மூலதனம் சந்தைகள் அதிகாரம் ,நைரோபி பாதுகாப்பு பரிமாற்றம் ,ரீகல் வண்ணப்பூச்சுகள் ,கிரீடம் வண்ணப்பூச்சுகள் ,வண்ணப்பூச்சுகள் ப்ல் ,