Securities Exchange nears demutualisation
08 April 2014, 15:19
Nairobi - Edward Njoroge, the Chairman of the Nairobi Securities Exchange, said the bourse was close to concluding its demutualising.
Njoroge said that the bourse had submitted the final application to the Capital Markets Authority and expected formal approval to be granted by authorities in the near future.
The completion of this process would result in a separation of the ownership of shares in the Exchange from the right to trade securities at the Exchange.
This is envisaged to open the door to the long-anticipated Self-Listing.
“The Board has appointed Transaction Advisors who are currently very busy working towards the Self-Listing of the Exchange through an Initial Public Offer (IPO) before the end of June this year,” said Njoroge.
He said that the IPO would enable a wide cross-section of Kenyans to own a piece of the Exchange and to share in the future financial success of this company he said had a rich Kenyan heritage.
The NSE chairman meanwhile said that the Exchange would be investing an additional Sh250 million to upgrade its trading infrastructure.
He said this would better serve the changing market and support the introduction of new products.
Njoroge also said that the Exchange was looking forward to participating in the upcoming Sovereign Bond issue.
“We look forward to providing a platform for the dual listing of the upcoming Sovereign Bond issue by the Government of Kenya,” he added.
– CAJ News
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