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Housing Firm to Sell Shares to the Public

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Published on Tuesday, 03 July 2007 06:21
Family Finance Building Society will sell its shares to the public from next month.Its board members and staff would be given the first opportunity to obtain the shares before they are floated to the public.

Board chairman Titus Muya said they would initially sell the shares through private placement before floating them in the Nairobi Stock Exchange."We shall convert to a fully fledged commercial bank before the end of the year. As a locally owned institution, we have no intention of selling shares to foreign suitors," he said at the opening of the society's Kisii branch at Gusii Stadium.

Mr Muya said two more branches would be opened to make a total of 30 across the country.Planning minister Henry Obwocha, who was the chief guest, said the Government was committed to creating a favourable environment for investment.He noted that reforms in the financial services sector and the stable macro-economic environment of low interest rates had enabled many traders access loans to expand their businesses.Mr Obwocha also advised Kenyans to support indigenous institutions.