A new strategic investor into Amana Capital, which lost Sh255 million in collapsed retailer Nakumatt, will not provide funds to repay the money lost. Amana said the unnamed investor would instead boost recapitalisation efforts and lead the future growth of funds under management. Amana Capital, which has some 1,400 investors, was one of the firms that cumulatively lost over Sh4 billion in Nakumatt commercial papers. The Amana Shilling Fund’s only other investment is the fixed deposits they had invested in Jamii Bora Bank, put at Sh185 million. The AGM is also set to seek a nod of approval for the new investor, discuss the Sh255 million gap, and the current state of the funds under the unit trust scheme.

Source: Standard Digital September 22, 2020 04:52 UTC