I&M injects $219,000 in Ugandan subsidiary to shore up capital
Nairobi, June 2 -- I&M Group last year invested an additional Ush821.26 million ($219,588) in the Uganda unit, pointing to the continued focus on complying with the revised minimum capital requirements.
The group says in the latest annual report that it made a direct additional investment of Ush538.89 million ($144,088) and a further Ush282.4 million ($75,508) through the conversion of preference shares in I&M Uganda into paid-up capital.
The additional investment made last year adds to the Ush995.84 million ($266,623) that the group put in the Uganda unit a year earlier, coming in the period the banking regulator made changes requiring banks to raise capital levels.
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