Rights reach out of Africa

African new issues achieved rare prominence this week as a pair of rights issues from the continent — Ksh12.45bn ($156.8m) for Kenya Commercial Bank (KCB) and R1.36bn ($188.8m) for South African healthcare group Medi-Clinic — both closed on Tuesday. Standard Investment Bank was bookrunner for KCB. The two-for-five issue offered shares at Ksh17, a 13.61% discount to the theoretical ex-rights price (Terp). Existing shareholders subscribed for 82.5% of the 887.11m shares on offer.