Mhasibu to list at NSE once it hits Sh1 billion in assets

Mhasibu Investment Company Limited (MICL) has set its eyes on listing its shares at the Nairobi Securities Exchange (NSE) once its assets hit the Sh1 billion mark.

The company, with a portfolio spanning the stock market, real estate and offshore investments, says it will seek to become a publicly listed after its share capital that now stands at Sh197 million grows fivefold to Sh1 billion .

MICL’s annual report for the year ended December 2011 shows that assets stood at Sh197 million from Sh69 million in the previous year.

Its share capital stood at Sh95 million compared to Sh63 million over a similar period the previous year.

Profits were earned from dividends and capital gains made from trading its real estate and offshore investments.

“We will continue to consult with you, our members... and pursue the new opportunities you bring to us which may help us meet our long-term objective of listing in the Nairobi Securities Exchange,” says the company’s annual report.

MICL, largely patronised by professional accountants, made a rights issue in April meant to raise capital for expansion. Shareholders bought the equity at Sh150 while non-members bought them at Sh165.

Non-members who were to buy shares worth more than Sh1 million were given a Sh5 discount a share.

The company that was established in 1997 had 318 shareholders at the end of last April.

MICL’s shares are traded on at the NSE at the Over-the-Counter (OTC) market, which many firms have used as ground for promotion to the trading floor.

TransCentury, Longhorn and CIC Insurance had their shares trading on the OTC before listing on the NSE. UAP is planning to have its shares on the platform before trading on the NSE.

NSE is also setting up the Growth Enterprise Market Segment that is targeting small and mid-size enterprises.

Mhasibu made Sh10.2 million in 2011, an 18 per cent increase from Sh8.6 million in 2010.

It has been bullish on real estate, a sector that has continued to bring in double-digit returns despite high interest rates that have sunk the stock market.

“Going by the current investment trends in Kenya, the company has leaned more onto real estate investment raising our investment in land from Sh5 million to Sh53 million during the year,” says the investment firm.