Cytonn which says its real estate investment arm has over Sh82 billion worth of projects posted a notice on Friday seeking professional services to pave way for the listing at the NSE' GEMS counter.
Investment firm Cytonn’s announcement that it is planning to list on the bourse’s Growth and Enterprise Market Segment (GEMS) has raised hopes of an end to the depressing trend that has seen only one firm join the stock market in the last 15 months.
Launched in January 2013, the GEMS has struggled to attract issuers with only five companies – real estate developer Home Africa #ticker:HAFR, manufacturing firm Flame Tree Group Holdings #ticker:FTGH, investment firm Kurwitu Ventures #ticker:KURV, footwear firm Nairobi Business Ventures #ticker:NBV and troubled Atlas African Industries #ticker:ADSS — featuring as the lonely actors at the counter.
Cytonn which says its real estate investment arm has over Sh82 billion worth of projects posted a notice on Friday seeking professional services to pave way for the listing at the counter.
“We invite proposals from eligible candidates for services required in listing of Cytonn Investments Management Plc on the Growth and Enterprise Market Segment (GEMS) of the Nairobi Securities Exchange’s (NSE) to provide Nominated Advisory, sponsoring stockbroker services and registrar services,” said Cytonn in the statement.
The GEMS segment has come under scrutiny due to various woes affecting firms listed on the segment.
Atlas Industries is currently suspended from trading at the NSE after falling on hard times that have seen it end up virtually without any assets to its name. Kurwitu Ventures is also yet to make any meaningful investment since it was listed nearly three years ago.
The GEMs segment was meant to be taking on at least five listings per year, and was touted as a way of bringing in family-owned businesses into public listing.
Listing leads to creation of additional financing sources, enhanced visibility and credibility of the business and provides the resources a business needs to grow.
Companies can list on the GEMS with as little as Sh10 million share capital, turnover of up to Sh500,000 and less than 10 employees or turnover between Sh500,000 to 10 million and 10 – 50 employees.
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