Capital Markets

Gold miner plans Sh2bn listing in Nairobi, London

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Nairobi Securities Exchange trading floor. PHOTO | NMG

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Summary

  • Mayflower has been growing its local portfolio including purchase of Migori-based gold miner Kilimapesa Gold from London-listed gold miner Goldplat in January.
  • The company has been involved in a reverse takeover deal with Papillon Holdings where it will buy 100 percent of the Migori miner.

Gold miner Mayflower Gold has announced plans to list its shares in Kenya and the United Kingdom stocks exchanges in what could end the drought at Nairobi’s main bourse.

Mayflower announced the dual listing worth Sh2.1 billion during President Uhuru Kenyatta’s three-day London tour but did not give details of the dates it will offer shares to the public.

The Nairobi Securities Exchange (NSE) main board has failed to attract quality companies in recent past getting only small firms in the growth and enterprise segment, while a number of medium-sized firms have been delisting from the bourse.

Homeboyz Entertainment was the last company to list on the NSE coming through the Growth Enterprise Market

“Kenyan mining company Mayflower Gold announced plans to dual list its shares on both the London and Nairobi Stock Exchanges in a deal worth Sh2.1 billion,” the British High Commission said in a media statement.

Mayflower has been growing its local portfolio including purchase of Migori-based gold miner Kilimapesa Gold from London-listed gold miner Goldplat in January.

The company has been involved in a reverse takeover deal with Papillon Holdings where it will buy 100 percent of the Migori miner.