Wambui Oyulu
18 November 2008
Kampala — KENYA Commercial Bank (KCB) has listed shares worth sh2.1b on the Uganda Securities Exchange (USE).
While marking the start of trading, the bank's group chairman, Peter W. Muthoka, said: "There is a lot of potential in the Ugandan market, which motivated the KCB board to come to Uganda."
Muthoka explained that the availability of the shares on the USE was not an initial public offering but a chance for people who have shares in the Nairobi Stock Exchange to trade their shares across borders.
"Our drive is to be regional. We saw it as a good thing to make our shares accessible to stakeholders across the region." Muthoka added.
The cross-listing will also enable prospective investors have an easy and convenient way of buying KCB shares from Uganda.
Martin Otieno, the KCB group chief executive, said:â-à"Over the past seven years, our shares have consistently performed well. This year, we hit the over $2b mark due to increased interest from the market and enhanced stock value."
Otieno said despite the financial crisis in global stock markets, there were good future prospects for KCB shares.
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