HFCK-To do a rights issue

Article in the Standard todayhttp://www.eastandard.net/hm_news/news.php?articleid=1143964210. In the short-term, this should see the share price, but it may fall after the rights issue as the NSE absorbs the extra supply of shares. I maintain a BUY on this share despite the high P/E ratio. The housing boom in Kenya continues and will for the foreseeable future. More importantly, I still think that HFCK would be a very good buy for one of the large banks that wants quick access into the mortgage sector.