Harambee Sacco new shares offer seeks KSh4 billion for expansion

Harambee Sacco CEO, Dr George Ochiri.

Harambee DT Sacco has come up with share drive initiative to generate revenue of KSh4 billion to facilitate the expansion of the society in line with its strategic plan.

All registered (both past and current) members of the Sacco are qualified to take part in the share drive.

According to an information memorandum published by the Sacco, however, the prospective members will be required to register first with the Sacco by meeting the requirements as per the Sacco by-laws.

The requirements include paying a joining fee of KSh1,000, a sink fund contribution of KSh300 and the first monthly deposit of KSh3,000.

The KSh4 billion will among other things meet regulatory and prudential requirements as well as help the Sacco reduce its reliance on external borrowing.

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“Our share capital stands at KSh2.4 billion. For us to be compliant, we need minimum of KSh4 billion,” Harambee Sacco Chief Executive Officer George Ochiri told members during this year’s Annual General Meeting.

“This is not making deposits against which you take a loan. No. You commit an investment just like you’d invest in a matatu or a rental.”

The Sacco is targeting to sell a total of 40 million shares and a share will cost KSh100 upwards.

The share drive will run for two years depending on the availability of shares. Members have been encouraged to seize the opportunity.

The Sacco has approximately 79,000 members, with about 2,400 having at least a million in savings.

The Sacco was formed in 1969 and majorly draws its membership from Government institutions.

By our reporter

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