Capital markets stakeholders are set to jointly push for an end to a listing drought and product uptake at the Nairobi Securities Exchange (NSE) by ensuring products meet the expectations of issuers and investors.
In a joint statement via Capital Market Authority (CMA) chief executive Paul Muthaura, the group said it had agreed to come together as an industry to ensure value proposition for listing on the NSE.
“The Capital Market Master Plan set down a clear target of achieving three to four GEMS listing annually but this target has not been achieved despite concerted industry efforts.
“New products have also been introduced with low uptake witnessed,” he said.
The partnership brings together the Treasury, CMA, NSE, Central Depository and Settlement Corporation, Fund Managers Association, Kenya Association of Stockbrokers and Investment Banks, East African Venture Capital Association and licensed market intermediaries.
NSE chief executive Geoffrey Odundo said the proposed strategy seeks to introduce an incubator board to attract entities with a status that may have multiple stakeholder benefits.
“It is expected that this board shall host those entities that require restructuring in terms of financial, technical, operational, commercial, strategic, governance, environmental, legal, compliance, policies, procedures and other aspects to move them to the accelerator board,” he said.
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