Bourse names team to guide self-listing process
What you need to know:
- Shareholders of the NSE had, in July, approved a plan to list the bourse by way of introduction in the Alternative Investment Market Segment.
- The listing of the securities exchange is part of a process that is supposed to increase transparency and investor confidence in the NSE.
- The listing is supposed to take place in mid-2013.
The Nairobi bourse is inching closer to self-listing after it appointed a transaction advisory team to guide the process.
According to a press statement, the Nairobi Securities Exchange (NSE) appointed Standard Investment Bank (SIB), Dyer & Blair Investment Bank and Renaissance Capital as lead transaction advisors for the planned listing.
Shareholders of the NSE had, in July, approved a plan to list the bourse by way of introduction in the Alternative Investment Market Segment.
The listing of the securities exchange is part of a process that is supposed to increase transparency and investor confidence in the NSE.
The listing is supposed to take place in mid-2013.
“The self-listing of NSE is part of our broader strategy of improving the effectiveness of the bourse and strengthening our corporate governance structures,” NSE chairman Eddy Njoroge said.
Sponsoring brokers
According to the Wednesday statement, Faida Investment Bank, African Alliance Securities, Genghis Capital, NIC Securities and Kingdom Securities were appointed as lead sponsoring brokers while law firm Hamilton, Harrisson &Mathews was named the legal advisor.
The NSE is also changing its ownership structure in a process known as demutualisation.
This process will allow the bourse to expand service offerings and increase investments in the run-up to the public listing.
