SMEP misses share offer target by 80%

Church owned micro-finance institution SMEP DTM failed to reach its share sale target in the recently concluded public offer only managing to raise 16 per cent of the projected amount. The company raised Sh266.7 million out of the target Sh1.6 billion. It managed to sell 24.2 million out of the 145.5 million shares it put up for sale. But it said it is open to sell more shares in the next three years open. With the conclusion of the offer, NCCK has reduced its control of the micro-finance by 26.28 per cent in line with the conditions set by the Central Bank of Kenya...