Kenya's auto services firm Automobile Association of Kenya (AA Kenya) aims to raise 229.73 million Kenyan shillings ($1.5 million) in new capital through a restricted offer. The company is offering 11.4 million shares to its members and employees. Among these, 7.7 million shares are available to members at an offer price of $0.17 each, and an additional 3.6 million shares are offered to employees at a par value of $0.054. The capital infusion will support AA Kenya's business expansion and diversification efforts as it strives to align with international standards, including those set by the Federation Internationale de l'Automobile (FIA). AA Kenya, an FIA affiliate, provides services such as roadside assistance and vehicle-related information to its members.
This fundraising initiative is the second restricted offer approved by the Capital Markets Authority in recent weeks, following the authorization of Kenya's debut Sukuk issuance by Linzi Finco Trust, aiming to raise $20.1 million.