Longhorn Publishers Ltd Launch a KES 530Mn Rights Issue

Longhorn Publishers has opened its Rights Issue which is expected to raise up to KSh530 million from existing shareholders.

Hon. Francis Thombe Nyammo, Chairman, Longhorn Publishers Ltd, said, “Today, we as the Longhorn Publisher fraternity are pleased to be able to invite you to share in our success and our growth by investing up to KES 530 Million with us as we conduct a cash call through a rights issue.”

“This rights issue is indeed a great milestone for us and is our first public offering of equity on the primary market of the bourse, since our listing by introduction on the Alternative Investment Segment (“AIMS”) of the Nairobi Securities Exchange.”

The Rights Issue was approved by the Capital Markets Authority on April 6.

The firm plans to issue 126 million newly created shares at Sh4.20 at a ratio of 0.86 shares for every share held.

Managing director Simon Ngigi said the new shares will commence trading at the Nairobi Securities Exchange on April 21.

“Our listing is aimed at repaying our debts. This ensures our growth in the business,” Ngigi told shareholders in Nairobi.

Ngigi, further disclosed that Longhorn is at the forefront of digitizing its material in collaboration with the Government at a cost of Ksh 50 Million and an Additional KSh 80 Million to provide more books in other regions from Kenya.

In 2014, the publisher rebranded from Longhorn Kenya Limited to  Longhorn Publishers Limited.