NAIROBI – Kurwitu Ventures Ltd, a sharia compliant investment vehicle, officially listed its 102,272 shares on the Growth Enterprise Market Segment (GEMS) of the Nairobi Securities Exchange. The company, which listed by way of introduction, is an industry pioneer in provision of tailor-made financial products and services that adhere to Islamic sharia law.
Speaking at the listing ceremony, the Managing Director Kurwitu Ventures, Mr Abdirahman Abdillahi, said this will help existing shareholders discover the value of their stake, while setting the foundation for a broader shareholder base in the future. “We are targeting the sophisticated investors who have the capacity to interrogate the business proposition and willingness to take on this kind of investment risk,” he said.
Mr Andrew Wachira, acting Chief Executive of Nairobi Securities Exchange said: “This is truly a milestone as we all stand as front-and-centre witnesses to the evolution of the Kenyan Islamic Finance sector.”
NSE chairman Eddy Njoroge said Kurwitu Ventures listing is an indicator that GEMS is not a platform solely for entities that have established and profitable operations. It is also open to firms that have solid business ideas, experienced and talented management and have identified a business niche in the market, he said. “We will continue to reach out to owners of businesses, entrepreneurs, advisers and investors to create awareness of the advantages of listing on the GEMS market,” said Mr Njoroge.
Kurwitu Ventures Limited was incorporated in August 2006, as an investment vehicle to provide sharia-complaint capital markets products to the investing public. The company’s is valued at Ksh105 million with Ksh102 million being freehold land. KurwituVentures Ltd currently has 16 shareholders and the number will be scaled up to the minimum of 25, three months after listing as per the NSE regulations and requirements. 7
The listing process took seven months before the official approval on15th October 2014.Standard &Mutual were the nominated advisers, whereas Mahmoud and Gitau Advocates were the legal advisers and Obwanga and Associates were the reporting accountants.