By Juliet Hildah Namulundu.
dfcu Limited which owns dfcu Bank has today, 4th September,2017 officially opened its Rights Issue program aimed at raising capital under Uganda Securities Exchange (USE). The official opening took place at the USE offices at Nakawa Business Park and the program is expected to run for a period of three weeks from today 4th September 2017 to 25th September 2017.
This opening follows the approval dfcu received from their shareholders in the Annual General Meeting held on 8th June, 2017 and all shareholders on register as at 24th August 2017 shall be eligible to participate in the Right Issue. This Rights Issue is the first public capital raising activity by dfcu Limited.
According to dfcu Bank’s head of Brand, Marketing and Communication, Jude Kansiime, dfcu is growing through a growth phase and as a growing entity, there is need to bolster their capital base. The Rights Issue is therefore in line with their objective of raising more capital to support their growth agenda.
“A total of 263,516,083 shares are on offer to our current shareholders to take up and we expect to raise UShs 200bn from this Rights Issue,