The Nairobi Securities Exchange (NSE) now has three firms in its incubation and acceleration program dubbed Ibuka after Moad Capital was admitted on March 21.
A press statement from NSE said that the admission of Moad Capital followed a rigorous evaluation and vetting process that is applied to all applicant companies wishing to join the program.
The latest company to join the Ibuka program said this was a step towards its next phase of growth.
Ibuka, a Swahili word meaning emerging, is a program by the NSE which seeks to end a prolonged listing drought at the bourse by taking small and medium sized companies through a 10 month incubation.
The process includes the enhancing of the financial, technical, operational, commercial and strategic aspects of these businesses so as to help SMEs realise their valuation, boosting their chances of raising capital through debt and equity markets..
Moad Capital, a niche business that provides independent commercial real estate advice and implementation, energy and consultancy services in the East African region, joins tea exporter ATP Commodities and travel and tours company Globetrotter Agency.
This morning, the @NSE_PLC admitted @moadcapital on the @NSE_PLC Ibuka Program. The program is aimed at enhancing Capital Markets access capabilities among select companies. pic.twitter.com/ChtOBVZwhV
— NSE PLC (@NSE_PLC) March 21, 2019
ATP Commodities became the first firm to be admitted to Ibuka, receiving its certificate from NSE chief executive Geoffrey Odundo on January 31 while Globetrotter Agency was granted access to the incubator and accelerator on March 15.
The three firms expect to benefit from the NSE incubation orogram that promises growing visibility whilst enhancing brand recognition and business opportunities among hostee companies.
Additionally, Ibuka has been sold as a program to assist in inculcating improved corporatization, develop capabilities to access capital markets as well as providing a roadmap to long term corporate sustainability.
Further firms are expected to enroll with the NSE having earlier said that it expected 20 companies in the program through the first quarter of 2019.
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