stock market
stock market

The Nairobi Securities Exchange (NSE) on Thursday launched an incubation program, dubbed Ibuka, for small and medium-sized firms as it seeks to end a drought of new listing at the bourse.

The bourse admitted the first company into the program with officials noting 14 more would follow suit.

“The program will assist in inculcating improved corporatization, develop capabilities to access capital markets as well as offer a roadmap to long-term corporate sustainability,” said NSE chief executive Geoffrey Odundo.

APT Commodities Ltd, an exporter of straight-line and blended teas, is the first firm to join the program.

“This admission is a key milestone for both APT Commodities Ltd and the NSE. It underscores growth for small companies especially in the capital markets. For NSE, this is just the beginning of an exciting journey as 15 companies have already expressed interest in the program,” he added.

Peter Gitata, chief executive of APT Commodities Ltd, said the admission would help the firm grow its brands locally and internationally and scale higher in the already popularized tea industry.

The program came amid years of listing drought at the Kenyan bourse, with the NSE seemingly to be changing tack to end the challenge.

The market has recorded improved performance since the start of the year, with the benchmark NSE 20 Share Index increasing by 4.18 percent in January to stand at 2,938.78 while the NSE 25 Share Index and the NSE All-Share Index have posted the growth rates of 8.1 percent and 5.8 percent, respectively, to settle at 3,819.00 and 148.30 points. Enditem

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