Ratio Magazine :: The Inside Track to East Africa’s Economies - Kenya: Press Release: CMA Grants Approval to Longhorn Publishers for Listing at the NSE

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Kenya: Press Release: CMA Grants Approval to Longhorn Publishers for Listing at the NSE

Thursday, 10 May 2012

Nairobi, 10 May 2012 --- The Capital Markets Authority (CMA) Board resolved to grant approval to Longhorn Kenya Limited to list by introduction 58,500,000 ordinary shares of KES1 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, Chief Executive of the CMA.

Longhorn Kenya Limited becomes the first publishing firm to go public in the KES12bn industry. Previously, the firm’s shares have been traded in the over-the-counter (OTC) market. With the approval to list on the securities exchange, current owners will have the opportunity to unlock their investments.

Mrs.Kilonzo stated, ‘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.’

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