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By the Experience Kenya News Team
Wednesday, 26th March 2008

Co-operative Bank plans IPO as profit hits ksh. 2bn

Co-operative Bank of Kenya will sell its shares to the public through an initial public offering (IPO) in the third quarter of the year. The bank, currently wholly owned by the cooperative movement, is the only second company after Safaricom that plans a listing at the Nairobi Stock exchange this year. This is in an attempt to raise an additional Ksh.5billion from the market to fund an aggressive growth programme. The bank recently announced a pre-tax profit of Ksh. 2.32 billion compared to Ksh. 1.26 in December 2006.

Economy showing signs of recovery

After signing of political agreement, economic indicators on upward trend. Last week, virtually all the country’s economic indicators brightened up with news of a political settlement between the President Kibaki and ODM leader, now Prime minister- designate, Raila Odinga. By the close of the week most had picked up us on an upward trend, as investors confidence started to creep back in the market.

Safaricom IPO.

Kenya’s largest mobile service provider Safaricom share in the coming initial public offer (IPO) will be through an electronic system. 

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