"Kindly note that the Board of Directors has extended the rights issue closure date to 31st January 2024,” the bank’s company secretary Eric Murai said in a notice.
“We encourage our shareholders to take advantage of the discounted rights offer and the extended rights period to take up their rights.”
Family Bank is eyeing regional expansion from the Sh9.3 billion it plans to raise from the cash call.
The lender is expected to expend Sh4 billion for regional expansion initiatives, signaling intentions to venture into new markets via a combination of either greenfield investing or mergers and acquisitions.
A further Sh2 billion is to be invested in IT infrastructure and new product initiatives while a further Sh3 billion will be used in supporting onward lending.
Family Bank began as a building society in October 1984 and became a fully-fledged commercial bank in 2007 via conversion of the society.
Currently, it operates a network of 93 branches, 5,900 agents and 144 ATMs spread across 32 counties.
The lender reported a net profit of Sh2.1 billion in the nine months ended September 2023, down from Sh2.4 billion a year earlier on the back of higher operating expenses.
Total operating expenses including loan loss provisions jumped to Sh6.8 billion from Sh5.5 billion.
Total interest income increased to Sh11.3 billion from Sh9.5 billion while interest expenses rose to Sh4.3 billion from Sh3.2 billion.
