Abil plunges as it looks to raise at least $790m

By Andrew Griffin
07 Aug 2014

Shares of African Bank Investments (Abil), South Africa's biggest unsecured lender, plunged this week as the bank unveiled a need for at least $790m of new capital, despite a recent rights issue, because of losses and writedowns.

Abil will seek to raise at least R8.5bn ($790m) through a capital raise to increase its capital ratios, it said. It will consult with shareholders and other stakeholders in the coming weeks on the deal.

The bank's capital ratios are below those achieved after last year's rights offer, the bank ...

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