Stima Sacco of Kenya Draws 43% More Bids Than Shares on Offer
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Stima Sacco Ltd., Kenya’s fourth-biggest credit union, said it received 43 percent more bids than the 500 million shillings ($5 million) worth of stock on offer in a sale to existing shareholders.
The credit cooperative, which sold 5 million shares at 100 shillings each between July 11 and Sept. 9, received applications worth 713 million shillings, Chairman Joseph Njoroge told reporters in the capital, Nairobi.