The Capital Markets Authority (CMA) Board has granted book publishing company Longhorn Kenya Limited approval to list its shares in the Nairobi Securities Exchange (NSE).
The capital markets regulator resolved to authorize Longhorn Kenya Limited to list by introduction 58,500,000 ordinary shares of Sh1 each on the Alternative Market Segment of the Nairobi Securities Exchange as part of its mandate to facilitate access to financial services through effective regulation and innovation.
“The Authority has granted approval following review of the applicant’s documents and is satisfied that Longhorn Kenya Limited has met adequate disclosure of material information in accordance with the requirements of the Capital Markets Act and the Capital Markets (Securities) (Public Offers, Listing and Disclosures) Regulations, 2002.’ said Mrs. Stella Kilonzo, MBS, the Chief Executive of CMA.
By listing its shares on NSE, Longhorn Kenya Limited becomes the first publishing firm to go public in the Sh12 billion industry. This is a major development considering that the firm’s shares have been traded in the over-the-counter (OTC) market previously.
With the approval to list on the securities exchange, current owners will have the opportunity to unlock their investments.
Mrs. Kilonzo said: “listing by introduction and initial public offers are two ways in which companies can participate at the Nairobi Securities Exchange.
An introduction is an application for listing of shares already in issue where no capital raising is required. In addition, the existing shares for which listing is sought are already of such an amount and so widely held that there would be an open market for the trading in these shares.”
