Safaricom Investment Co-operative joins NSE Ibuka

Friday, November 1st, 2019 05:37 |
Michael Joseph.

Safaricom Investment Co-operative (SIC) yesterday kicked off its listing process on the Nairobi Securities Exchange (NSE) to transition to a public limited company.

SIC was admitted into the NSE Ibuka programme to speed up its listing process at the bourse.

The acceleration programme seeks to enable select Kenyan companies to fast-track their development by accessing financial advisories to help them structure their businesses, enhance visibility and get exposure among local and international investors.

Consultancy services

The programme will see SIC access expert consultancy and advisory services to ensure that they are compliant in preparation for listing on the NSE.

SIC becomes the 18th company to be admitted to the programme. Others include Tusker Mattresses, Vehicle and Equipment Leasing Ltd, Homeboyz and Myspace Properties.

Speaking during the admission ceremony, SIC chief executive Humphrey Njeru said the cooperative is deliberate in enhancing their corporate governance structures to the level expected of those firms listed on the bourse. 

He added that in the long term they believe the exchange will provide the necessary platform to allow SIC members to trade their shares.

SIC board chair Peter Gichangi termed the move timely since it will help the cooperative streamline processes into the next phase of growth.

NSE chief executive Geoffrey Odundo urged more Sacco’s to join Ibuka since the bourse has placed special focus on supporting business growth through a well-structured programme aimed at preparing companies to access other capital options.

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