UK firm targets Nairobi bourse listing, appoints financial adviser, broker
A UK firm, Pillon Holdings plans to list on the Nairobi Securities Exchange (NSE) in September and has appointed Faida Investment Bank as its financial adviser and joint broker.
The plan, however, is subject to regulatory approval from the Capital Markets Authority (CMA) and NSE, which if successful, will see the company inject Sh2 billion in the venture.
In Kenya, it will trade as Caracal Gold Plc, and will be listed on the Growth Enterprise Market Segment (GEMS), according to the NSE chief executive Geoffrey Odundo.
“We are extremely delighted by the proposed listing of Caracal Gold Plc on the Growth EnterpriseMarket Segment of the Nairobi Securities Exchange.
This opportunity paves way to have access to a world class trading infrastructure giving it access to both local and international investors,” said Odundo.
Odundo said the proposed listing will be a landmarkand carries with it the potential of unlocking various opportunities for companies in the mining sector.
“Additionally, the listing underscores Caracal Gold’s positive growth and development outlook in the Kenyan, and greater East African region,” said Odundo.
The company is also listed on the London Stock Exchange (LSE), a prospect Odundo would enhance the NSE’s appeal to international companies looking to gain exposure to some of the fastest growing economies in the world.
Pillon chief executive Charles Tatnall said as the first mining company to be listed on the NSE, “we are committed to our long presence here (Kenya) and look forward to giving kenyan investors and institutions the opportunity to participate in the growth of Kenya’s mining sector.”
Tatnall said in addition to appointing Faida Investment Bank Limited as the financial adviser and joint broker to complete the listing in September, UK-based VSA Capital will be “our advisor and joint corporate broker.”
Investment consultantJohn Kirimi said the time is definitely right for them to come into the market because stocks are down.
“But it will depend on how they announce themselves, and the shares they float and how liquid they arem” he added.