Housing Finance was incorporated on 8th November 1965 as per the Banking Act, under the name the Housing Finance Company of Kenya. Our founding shareholders are the Commonwealth Development Corporation (CDC) and the Kenyan Government. In 1992, Housing Finance Company of Kenya offered part of its equity to the public and became a quoted company on the Nairobi Stock Exchange. Since then, shareholding of the company has changed partly through a share issue on 26th February 1999 when 30 million government shares were put on offer to the public and on 11th July 2007 when the CDC Group agreed to sell all its shares to Equity Bank Limited and British American Investments Company (Kenya) Limited (BAICL). The shareholding stood at 7.32% Government, 20.0% Equity Bank Ltd, 4.9% BAICL, 7.87% NSSF and 59.91% to the public.
The company then undertook a Rights Issue in June 2008 where the firm was seeking to raise Kshs. 2.3 Billion through issuance of an additional 115 million shares. The shareholding then changed to 3.7 % Government, 24.9 % Equity Bank Ltd, 17.25% BAICL, 6.83 % NSSF and 60.8 % to the public in which it currently stands.
The rights issue was declared a success with a 3% over-subscription. The money would be used to recapitalize the Company's Property Financing and Development business.
Perhaps however, the most significant change took place on 6th March 2002 when the company re-branded. Out of Housing Finance Company of Kenya was born the vibrant and aptly named Housing Finance. A company built on the strength of the old yet; clearly focused on availing new housing opportunities to homeowners, and meeting the growing housing challenges of today.
For example in our first year of operation of 1966, we provided a total of 34 loans of maximum Ksh. 100,000 each. Today, Housing Finance serves over 40,000 customers with deposits of Ksh. 8.4billion.
This is a new Housing Finance which is working towards being:
‘The premier financial enabler for the property industry in Kenya’
Its great to see that Housing Finance is still making great strides to better serve the needs of its customers after all these years...Good stuff!!!
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ReplyDeleteThank you for sharing such great information.It is informative, can you help me in finding out more detail on housing finance companies,i am interested and would like to know more about the rates.