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Housing Finance of Kenya Jumps to 4-Month High: Nairobi Mover

Oct. 29 (Bloomberg) -- Housing Finance Ltd., Kenya’s only publicly traded mortgage lender, jumped to its highest level in more than four months on plans to continue raising capital.

Shares climbed 3.2 percent to 16.25 shillings by 11:30 a.m. in Nairobi, the highest since June 22.

The stock has rallied 9.8 percent since the company said Oct. 16 that it raised 5.2 billion shillings ($61 million) compared with a target of 2.95 billion shillings in a bond sale. Housing Finance is in talks for $20 million for onward lending in foreign currency, Managing Director Frank Ireri said Oct. 23.

“The news that the bond was oversubscribed has encouraged buyers to step in,” Aly Khan Satchu, chief executive officer of Rich Management Ltd., a Nairobi-based adviser to companies and high net-worth individuals, said by phone.

To contact the reporter on this story: Eric Ombok in Nairobi at eombok@bloomberg.net.

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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