Three firms to list at the NSE

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Three companies are eyeing listing on the Nairobi Securities Exchange ending a four-year listing drought.

The three companies under the Ibuka program are currently finalizing their listing plans with the aim of selling their shares to the public in the first quarter of 2020.

NSE chief Geoffrey Odundo has said mass retailer Tuskys is likely to lead the three firms that are at different stages of going public.

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In the last four years, the market has not been attractive enough to net new suitors.

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About five companies have opted out of the bourse and efforts by two more firms, Unga and Express Kenya to de-list, were thwarted by minority shareholders.

To quell the listing drought, the NSE and stock-brokers developed a listing incubation platform called Ibuka to guide companies willing to go public.

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So far the Ibuka program has attracted 19 companies with Buzz Afrique becoming the latest. The Coast-based adverting and marketing firm says it will work with NSE to accelerate its listing program.

Odundo says the market is in talks with dozens of small companies that have shown interest to sell their shares to the public.

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Some of the companies that have been inducted into the Ibuka platform include entertainment solution provider Homeboyz, APT Commodities Limited, Myspace Properties as well as Vehicle and Equipment Leasing Limited (VAELL).

Jamii Bora, Vitafoam, and Tuskys are among firms that have expressed interest in going public in early 2020.

 

 

 

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