NAIROBI, Kenya
The Nairobi Securities Exchange this morning launched a corporate identity as part of its 60-year celebrations this year. The NSE also officially opened its new building, The Exchange, at a ceremony presided over by Deputy President William Ruto. Over the year, the NSE intends to carry out a number of activities, key among them the listing of the NSE through an initial public offering on the Main Investment Market Segment (MIMS), completing the journey of demutualization by converting into a public listed company.
The NSE has come a long way since the initial trading at The Stanley Coffee shop the 1920s, when dealing in shares commenced with trading taking place on a ‘gentleman’s agreement’ with no physical trading floor to share trading being conducted over a cup of tea at the Stanley. The “call over system” continued when the Exchange moved to IPS Building, Kimathi Street in 1991 and later to the “open outcry system of trading in 1994 after moving to the Nation Centre. On June 3, 2013, the NSE ended its 19-year stay at Nation Centre by moving into its own building, The Exchange, on 55 Westlands Road.
The rebrandwas informed by NSE’s strategy to reposition itself as a more inclusive, with an aim of encouraging an investment culture among Kenyans that fully embraces the capital markets. The revitalized branding is a reflection of NSE’s growth, quest for innovative solutions and the drive to be a leading securities exchange in Africa with a global reach, according its management.
Over the year, the NSE is also expected to roll out products that will allow more members of the public to participate in trading and investing. “The Fixed Income Securities Market Segment has been a reliable platform for the Government to raise funds through Treasury Bonds and Infrastructure Bonds. Over the past seven years, the Government has raised KSh995 billion through the issuance of Treasury Bonds listed at the NSE,” said Eddy Njoroge, NSE’s board chair. “We look forward to providing a platform for the dual listing of the upcoming Sovereign Bond issue by the Government of Kenya”. NSE Chief Executive Peter Mwangi said the new building provides adequate space for the NSE as our business grows and we invest in people and systems. This year as part of our commitment to develop a world class trading platform, our investments in technology will amount to Sh250 million”.
Mr Ruto praised the NSE for the significant milestones it has achieved including scooping the winner of the Most Innovative African Stock Exchange category in 2013’s Africa investor Index Series Awards. He further congratulated the NSE for its relentless pursuit of technological advancement, citing My NSE App, a mobile application that allows investors to keep track of their shares through their CDSC accounts as well as access securities market real time date.
He said the NSE provides an avenue for the growing enterprises to finance their expansion plans by accessing the capital markets through The Growth Enterprises Market Segment (GEMS) counter.
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