Deacons names transaction advisers to handle NSE listing

A customer shops at a Deacons outlet. PHOTO | FILE
A customer shops at a Deacons outlet. PHOTO | FILE 

Clothing and household goods retailer Deacons Thursday named the transaction team that will handle its fresh push to list on the Nairobi Securities Exchange.

Kestrel Capital are its transaction advisers, Coulson Harney its legal advisors while Deloitte & Touche its reporting accountants.

Deacons board of directors chairman Peter Gichuru Njoka said the listing would help the retailer to improve its access to financing for its ambitious expansion programme.

“The primary purpose of the listing is to offer the company and its shareholders, liquidity, exit options and price discovery in relation to the shares,” said Deacons Chairman Peter Gichuru Njoka.

The retailer which has several times postponed plans to list said on Tuesday it will list on the NSE by way of introduction if approved.

Listing by introduction is a relatively easier route to the bourse compared to an initial public offering (IPO). “The Company has adopted a 2020 strategy that is based on building a 60-store retail chain supported by new brands, county expansion and a robust e-commerce platform,” said CEO Muchiri Wahome in a statement.

Last year Deacons launched two stores at the Acacia Mall in Kampala, Uganda and two others at the Garden City mall on Thika Road.

Early this year the fashion retailer launched a further two stores at the Hub in Karen with plans to launch four stores at the upcoming Two Rivers mall.