Stocks market goes on sale this month
The Nairobi Securities Exchange's branding during the opening of the Exchange Building in Westlands on April 7, 2014. PHOTO | DIANA NGILA | FILE
What you need to know:
- The NSE’s board on Tuesday said the disposal of the exchange will begin on July 24 and close on August 12 this year
- As a listed entity, the NSE plans to roll out more products including the futures and derivatives market, the real estate investment trusts and the Exchange Traded Funds.
The sale of the Nairobi Securities Exchange (NSE) through an initial public offering will commence this month.
The NSE’s board on Tuesday said the disposal of the exchange will begin on July 24 and close on August 12 this year, giving the public an opportunity to own a piece of the stocks market.
The sale follows completion of the demutualisation process — separation of management and ownership structure of the exchange and allowing entry of more investors on the bourse.
“This follows the June 27, 2014 approval by the CMA of the application of the company to offer its shares to the public through an Initial Public Offering (IPO) and subsequently self-list its shares on the Main Investment Market Segment (MIMS) of the NSE,” the board said in a statement on Tuesday.
NSE will sell 38 per cent of its shares at Sh4 ($0.05) apiece. As a listed entity, the NSE plans to roll out more products including the futures and derivatives market, the real estate investment trusts and the Exchange Traded Funds.
“It will build investor confidence in our business as a market operator and place the NSE in a better position to facilitate Kenya’s capital market becoming the gateway of East and Central Africa,” the NSE chairman, Mr Eddy Njoroge, said earlier.
