Diamond Trust Bank Kenya Limited (NASE:DTK.O) agreed to acquire Habib Bank (K) Limited from Habib Bank Limited for KES 1.4 billion.
The transaction was approved by Habib Bank's and Diamond Trust Bank Kenya's shareholders on May 25, 2017 and by regulatory authorities on July 31, 2017. The transaction will close effective August 1, 2017. The Board considers that there will be no dilutive impact from the increase in issued share capital of DTB on earnings per ordinary share given that the earnings per share of DTB. It is projected in the short-medium-long-term that this acquisition is likely to favourably impact on DTB's earnings.
John Kiruthu of Pacifis Advisory Limited acted as financial advisor while Karim Anjarwalla and Rosa N. Mutero of Anjarwalla & Khanna Advocates acted as legal advisor for Diamond Trust Bank Kenya Limited. Richard Njoroge of PricewaterhouseCoopers acted as auditor and Anthony Murage of PricewaterhouseCoopers acted as financial advisor for Diamond Trust Bank Kenya Limited. Mahmood Hussein of ApexAfrica Capital Limited acted as broker for Diamond Trust Bank Kenya Limited.