Fusion Capital to seek alternative financing after failed public offer

Fusion Capital plans to seek alternative funding for the development of the planned Greenwood City in Meru

An artistic impression of the Meru Greenwood Park. PHOTO | COURTESY 

By BD REPORTER

Fusion Capital plans to seek alternative funding for the development of the planned Greenwood City in Meru after its Real Estate Investment Trust offer failed to raise the projected Sh2.3 billion.

The company achieved a 38 per cent subscription managing to collect Sh873 million with only four investors against the requirement of seven.

“Despite the fact that the offer was not successful, the promoter will continue to engage the Greenwood project and will seek alternative sources of funding,” the firm said in a statement.

“The promoter will engage the Capital Markets Authority and the Nairobi Securities Exchange with a view to reopen the offer a future date.”