17 November 2012

Kenya: NSE Up for Public Sale Before March 2013

Nairobi securities Exchange shares may go to a public sale in the first quarter of next year.

NSE chief executive Peter Mwangi says the planned listing of the exchange shares will be fast-tracked as soon the approvals are received from the Capital Markets Authority.

"Our long term objective is to position Nairobi as the financial hub of the region and the NSE is one of the key markets to drive this agenda," said Mwangi. The NSE will list in the alternative investment market when the planned demutualisation is complete.

Mwangi said the NSE is currently preparing for a growth enterprise market segment through which small and medium enterprises can access the market to raise capital for their growth.

"The framework is in place and we have trained advisers as we plan to launch the segment early next year," said Mwangi.

He was speaking at the listing of 121 million CFC Stanbic holdings new shares brought in through a right issue which was oversubscribed by 112 per cent.

CFC Stanbic managing director Greg Brackenridge said proceeds from the right issue will be invested in expansion of operations in South Sudan.

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