Small firms listed on Nairobi bourse reclassified
What you need to know:
- Chief executive says the reclassification will enable investors compare listed companies across the industries and enhance the profile of those quoted under Gems.
- Property developer HomeAfrika and shariah-compliant investment firm Kurwitu Ventures are both listed under the investments category.
The Nairobi Securities Exchange (NSE) has reclassified firms listed on the small and medium enterprises (SMEs) segment of the bourse into three different categories to give them more visibility.
The four — HomeAfrika, Flame Tree Group, Kurwitu Ventures and Atlas Support and Development Services — are listed under the Growth Enterprise Market Segment (Gems) under 11 existing industry sectors on the exchange.
NSE’s chief executive, Mr Geoffrey Odundo, said the reclassification will enable investors compare listed companies across the industries and enhance the profile of those quoted under Gems.
“It also assures investors that companies listed on the Gems are subject to the same level of disclosure applied to companies listed on the Main Investment Market Segment (MIMS) and the Alternative Investment Market Segment (AIMS),” Mr Odundo said in a statement on Tuesday.
Property developer HomeAfrika and shariah-compliant investment firm Kurwitu Ventures are both listed under the investments category.
Flame Tree Group, a manufacturer of Roto tanks and Zoe beauty products, has been classified under the Manufacturing and Allied segment, while oil and gas exploration logistics and service provider Atlas Support and Development Services is now classified under the Commercial and Services board.
Gems was introduced in January 2013 to enable small firms to raise capital for investments and expansion as well as improve their profile among potential investors.
