August 5, 2013 / 6:29 AM / 4 years ago

South Africa's Abil to raise $406 mln via rights offering

JOHANNESBURG, Aug 5 (Reuters) - South African massmarket lender African Bank Investments said on Monday it will raise up to 4 billion rand ($406 million) through a rights offering to shore up its balance sheet.

African Bank, known as Abil, also said in a trading statement its mainstay lending business is facing slower growth and an increase in bad loan costs. The rights offering will be fully underwritten by Goldman Sachs, Abil said.

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