South Africa's Abil to sell furniture business, raise $406 mln

JOHANNESBURG (Reuters) - South African massmarket lender African Bank Investments said on Monday it will raise up to 4 billion rand 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.

Source: http://news.yahoo.com/south-africas-abil-raise-406-mln-via-rights-064017693.html

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