Longhorn Publishers raised Sh533 million from the sale of new rights issued in its just concluded issue. This was largely boosted by Centum Investments who took rights worth Sh. 390 million. This saw the publisher’s rights issue get oversubscribed by 101 per cent.
“Longhorn Publishers offered 126 million newly created shares to existing shareholders at a rate of 0.86 shares for every share held, with a target to raise Sh530 million,” Longhorn announced.
Longhorn will use up to Sh80 million in regional expansion, Sh100 million towards product diversification, and another Sh100 million earmarked to retire current debt obligations.
The new shares will commence trading on the Nairobi Securities Exchange on May 31.
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