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Markets

Longhorn to cross-list in East Africa

Publishing firm Longhorn Kenya is set to cross-list on all the regional stock exchanges in addition to rebranding.

The listed publisher said that it would cross-list its shares on the Dar-es-Salaam Stock Exchange (DSE), Uganda Securities Exchange (USE) and the Rwanda Securities Exchange (RSE).

The move will see it join KCB, Equity Bank, East African Breweries Limited, Nation Media Group, Uchumi and Ugandan electricity distributor Umeme as other firms that have also cross-listed.

The firm will also rebrand to Longhorn Publishers from Longhorn Kenya which is similar move to other companies such as KCB Group whose rebranding was partly meant to give the lender a regional look.

Longhorn’s management has previously alluded to having a more regional outlook as part of its strategy going forward.

“The company is aggressively exploring business opportunities in the region and initiating bold diversification programmes while strengthening the subsidiaries for improved performance,” said the publisher when it released its half-year results.

Half-year sales for the period that ended December 31, 2014 stood at Sh531 million, a five-per cent fall from Sh558 million posted a corresponding period in the previous year.

Net profits were however up to Sh39.8 million from Sh30.15 million, a 32 per cent increase.

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