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Home East Africa

NSE plans to capture Tanzania, Uganda companies into Nairobi bourse

Chacha Mwita by Chacha Mwita
January 30, 2019
in Uncategorized
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The Nairobi Securities Exchange is targeting companies from Tanzania and Uganda in its 2019 plan to revitalize the Nairobi bourse, as it moves to end an Initial Public Offering drought which has entered its eleventh year. NSE chief executive Geoffrey Odundo has confirmed that the self listed company is keen to lure companies from the region into listing in Nairobi.Companies targeted in the plan are majorly those listed at the Dar es Salaam Stock Exchange and the Uganda Securities Exchange.

Live trading at the Nairobi Securities exchange/Martin mwita.

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Companies targeted in the plan are majorly those listed at the Dar es Salaam Stock Exchange (DSE) and the Uganda Securities Exchange (USE).

The Nairobi Securities Exchange (NSE) is targeting companies from Tanzania and Uganda in its 2019 plan to revitalize the Nairobi bourse, as it moves to end an Initial Public Offering drought which has entered its eleventh year.

NSE chief executive Geoffrey Odundo has confirmed that the self listed company is keen to lure companies from the region into listing in Nairobi.

The Nairobi Securities Exchange is targeting companies from Tanzania and Uganda in its 2019 plan to revitalize the Nairobi bourse, as it moves to end an Initial Public Offering drought which has entered its eleventh year. NSE chief executive Geoffrey Odundo has confirmed that the self listed company is keen to lure companies from the region into listing in Nairobi.Companies targeted in the plan are majorly those listed at the Dar es Salaam Stock Exchange and the Uganda Securities Exchange.
NSE CEO Geoffrey Odundo address delegates during the 7th Building African Financial Markets (BAFM) seminar in Nairobi, Kenya last year.

Companies targeted in the plan are majorly those listed at the Dar es Salaam Stock Exchange (DSE) and the Uganda Securities Exchange (USE) which according to Odundo, NSE is keen to encourage them to cross list on both bourses.

The plan also includes Rwanda and not limited to listed companies. Sectors eyed by the Nairobi bourse include the financial sector, infrastructure and service sectors.

“A lot of companies in the East Africa region are looking for capital to expand their businesses. We are working with our partners through the East Africa Exchange Association to encourage investments,” Odundo said during this year’s NSE market outlook update.

The regions’ bourses will be converging for the first time at the East Africa regional capital markets day in May, which will bring together all the securities exchanges.

“We will be having a platform that will give companies the opportunity to understand what goes on in Kenya, Uganda, Tanzania Rwanda. We will be able to engage in one platform where one will be able to talk to investors, advisors, exchanges and companies. The meeting will provide an opportunity for companies see the markets to go to,” Odundo said.

NSE has dismissed fears that the plan to bring on board companies from the region will affect their respective markets.

“We are not out to destabilize the markets but instead we want to strengthen the market and allow investors to invest across the region,” Odundo affirmed even as he fronted Kenya’s market incentives which are more attractive compared to her peers’.

This includes the removal of capital gains tax on investments in the market.

“There are no foreign restrictions. We continue to look for into other incentives to make the market more attractive,” Odundo added.

The move will go along with the ongoing efforts to harmonize trading rules across the region.  NSE is working closely with its peers to harmonize trading rules which will allow companies and investors to raise money in Kenya, Uganda, Tanzania and Rwanda.

A recent cross listing is by Bank of Kigali (BK) Group Plc who’s shares started trading at the Nairobi   bourse in November last year.

The largest lender by assets in Rwanda became the second company to cross-list on the Nairobi bourse after Uganda’s Umeme which entered the market in December 2012.

BK Group’s shares whose primary listing is Rwanda Stock Exchange entered the market with a price of $0.30 (Ksh30) per share with the funds majorly going into its expansion strategy.

 “We took this opportunity to cross-list on the Nairobi Securities Exchange because we wanted not only to offer more liquidity to our existing shareholders, but also exposure to the Rwandan market for potential new shareholders,” chief executive Diane Karusisi said during the listing.

Meanwhile, NSE is upgrading its systems to curb outages that affected the bourse at least twice last year.

“Our upgrade programme should by first half of this year and we are really scaling up the NSE platform. We are going to be able to introduce new liquidity tools like securities lending and borrowing which has been something that is lacking,” Odundo said.

IPO’s

NSE is keen to end the IPO drought which is entering its eleventh year. The last time the country witnessed a major offering was in May 2008 when Safaricom went public.

The telecommunication company was oversubscribed by 532 per cent during the initial offer.

Other landmark IPO’s include KenGen, Britam and Co-Operative Bank which took place between 2006 and 2011, a period the market recorded about eight key IPOs.

This year, NSE is expecting the cross listing of the National Oil Corporation (NOC) on the Nairobi bourse and the London Stock Exchange (LSE) later this year.

The Kenyan government is keen to sell a stake in the state owned oil firm which will see investors get a chance to acquire shares, as the government moves to raise funds to invigorate the oil industry.

NOC is targeting to raise US$1 billion (Ksh100 billion) during the initial offer.

NSE is also counting on the “Ibuka” programme launched in December last year to attract more listings.

Ibuka which is a Swahili translation for ‘emerging’ is an incubation and acceleration programme which seeks to unlock the potential of small and medium sized companies.

The programme intends to enhance the firms’ financial, technical, operational, commercial and strategic aspects of their businesses. It also enables the companies to raise capital through debt and equity market as they track valuation as well as produce specialized documents such as capital raising and equity raising reports.

On new IPO’s, NSE is also counting on the planned privatization of state-owned entities in Kenya, which will see at least 26 poorly performing entities sold. The move will include offering IPOs at the Nairobi bourse to allow the public to buy shares into the institutions.

The move to awaken the IPO market gels with the Kenya Association of Stock Brokers and Investment Banks (KASIB) sentiments. Through the entity, Stock Brokers have been calling on major companies and investors to raise capital through sale of equity to the public.

A major IPO will  rejuvenate the market, according to KASIB Chairman Paul Mwai.

“We need a big sizable IPO. This way investors will open brokerage accounts as they seek to look at the share market. That rejuvenates the market,” Mwai said.

The country’s capital market has been on a dry spell with only two low-key IPOs at the Nairobi Securities Exchange in last five years.

This was the 2014 self listing of the NSE (the company) and the Stanlib I-Reit, Kenya’s first listed real estate investment Trust which went live in October 2015.

The bourse is yet to witness a major IPO’s since Safaricom.

On the contrary, other markets in the region such as Rwanda and Tanzania have in recent times witnessed increased offer activities.

Tanzania, for instance, had a major sale when Vodacom Tanzania, a unit of South Africa’s Vodacom Group, sold all the 560 million shares floated at the DSE, where 40 per cent went to foreign investors. 

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Tags: Bank of Kigali (BK) Group PlcBritam Co-Operative BankDar es Salaam Stock Exchange (DSE)East AfricaEast Africa Exchange AssociationKengenKenyaKenya Association of Stock Brokers and Investment Banks (KASIB)London Stock Exchange (LSE)Nairobi Securities Exchange (NSE)National Oil Corporation (NOC)RwandaRwanda Stock Exchange(RSE)South AfricaStanlib I-ReitTanzaniaUgandaUganda Securities Exchange (USE).umemeVodacom GroupVodacom Tanzania
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Tourism in Zanzibar - The Exchange www.exchange.co.tz

Emirates Airlines’ Dubai – Zanzibar direct flights to boost trade

December 11, 2018
Mercedes Benz in Rwanda - The Exchange www.exchange.co.tz

Rwanda’s Akagera Motors in deal with Mercedes Benz

December 11, 2018
FDI has declined, PE not very interested in Tanzania landscape and both EU and US send strong warnings as Tanzania’s position as the leading light in East Africa drastically declines- The Exchange

Tanzania’s hardball with America and the EU drives down investors

A section of the Kazungula Bridge under construction. On completion, the bridge will open up markets in eight African countries. www.exchange.co.tz

Golden opportunities at bridge connecting 8 African countries

Barcode technology use increases in Tanzania

Invest In Africa-Kenya Project Officer Philbert Aganyo(R) with Rael Mzee (Middle) and Margaret Ebenyo of Akiberan Aberu Suppliers and Contractors Ltd. IIA-Kenya has supported the company which is keen to supply multi-national oil company-Tullow.

Invest In Africa boosts Turkana women with business loan

(L-R) BAT IT Business Unit IT Manager Edgar Okioga, SEACOM Business Sales Lead Patrick Ndegwa and KAM CEO Phylis Wakiaga. They say ICT will help Kenya achieve its 2022 GDP growth ambition with cutting-edge digital tools playing a key role to advance manufacturing, job creation and economic development. [Photo/SEACOM]

Why ICT will help Kenya achieve 2022 GDP growth

February 21, 2019
Mary Oluga- Assistant professor at the Institute for Educational Development , Aga Khan University

Keeping Mother tongue alive in East Africa

February 21, 2019
Women are running Kenya's economy by controlling half the 1.3 million MSMEs in the East African investment hub. AfDB has been partnering with Entreprenarium to educate women on entrepreneurship, business development and financial management. www.exchange.co.tz

Kenya: Women own half the 1.3 million MSMEs

February 20, 2019
This acquisition continues the velocity of BRCK’s public WiFi user growth, bringing us close to 500k monthly active unique users, and putting us over 5m sessions per month - The Exchange

Kenyan tech company BRCK acquires public WiFi Surf Network

February 21, 2019

Recent News

(L-R) BAT IT Business Unit IT Manager Edgar Okioga, SEACOM Business Sales Lead Patrick Ndegwa and KAM CEO Phylis Wakiaga. They say ICT will help Kenya achieve its 2022 GDP growth ambition with cutting-edge digital tools playing a key role to advance manufacturing, job creation and economic development. [Photo/SEACOM]

Why ICT will help Kenya achieve 2022 GDP growth

February 21, 2019
Mary Oluga- Assistant professor at the Institute for Educational Development , Aga Khan University

Keeping Mother tongue alive in East Africa

February 21, 2019
Women are running Kenya's economy by controlling half the 1.3 million MSMEs in the East African investment hub. AfDB has been partnering with Entreprenarium to educate women on entrepreneurship, business development and financial management. www.exchange.co.tz

Kenya: Women own half the 1.3 million MSMEs

February 20, 2019
This acquisition continues the velocity of BRCK’s public WiFi user growth, bringing us close to 500k monthly active unique users, and putting us over 5m sessions per month - The Exchange

Kenyan tech company BRCK acquires public WiFi Surf Network

February 21, 2019

The Exchange

The Exchange is a financial journal published by Mediapix Limited, a public relations, news and communications organization with its African headquarters in Tanzania and sister operations in Canada, the United States and The United Arab Emirates. The company‘s founders have been instrumental in the media and communication industry in East Africa and have been operational in the region.

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(L-R) BAT IT Business Unit IT Manager Edgar Okioga, SEACOM Business Sales Lead Patrick Ndegwa and KAM CEO Phylis Wakiaga. They say ICT will help Kenya achieve its 2022 GDP growth ambition with cutting-edge digital tools playing a key role to advance manufacturing, job creation and economic development. [Photo/SEACOM]

Why ICT will help Kenya achieve 2022 GDP growth

February 21, 2019
Mary Oluga- Assistant professor at the Institute for Educational Development , Aga Khan University

Keeping Mother tongue alive in East Africa

February 21, 2019
Women are running Kenya's economy by controlling half the 1.3 million MSMEs in the East African investment hub. AfDB has been partnering with Entreprenarium to educate women on entrepreneurship, business development and financial management. www.exchange.co.tz

Kenya: Women own half the 1.3 million MSMEs

February 20, 2019
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