Standard Chartered Kenya reports 61% oversubscription on their successful rights issue. I bought a couple of rights in late 70s and early 80s. Reports success was egged on by large shareholders taking up their rights
.....Note to self: Invest more in companies where there's a big brother willing to invest in their business more than I am.
So now it's big brother's turn as Standard Chartered PLC to raise about $5.2 Billion in 1-8 Rights Offer, a pre-emptive strike raising more than the minimum required by Basel III increasing Core Tier1 capital from 9% to 11%.
.....Basel III note: Minimum core capital ratios are being raised from 2% to 7%, a too-big-to-fail capital charge of up to 4% is being planned, and a counter-cyclical buffer of as much as 2.5% will be applied during booms.
Good habits come from parents so Temasek Holdings Pte, Standard Chartered’s largest shareholder with a 17.7 percent stake, will subscribe to its portion of the sale, the bank said.
In a separate statement, big brother had record levels of income and profits to the end of September.
Excerpts from articles