NAIROBI, June 27- The Nairobi Stock Exchange (NSE) Friday elected James Wangunyu as its new chairman.
Wangunyu who was formerly NSE Vice Chairman took over from Jimnah Mbaru who retires at the end of June, and he will serve for a two year term.
During Mbaru’s tenure, from April 13 to June 27 2008, the bourse achieved significant milestones including the implementation of Automated Trading System (ATS), establishment of the Wide Area Network, commencement of the data vending services and the introduction of the NSE All Share Index (NASI).
At its 54th Annual General Meeting, where a total of 11 directors were elected, Faida Investment Bank Managing Director Bob Karina was appointed as the 1st Vice Chairman while Edward Njoroge will serve as the 2nd Vice Chair.
Wangunyu who’s also the Managing Director of Standard Investment Bank pledged that during his tenure, the board members would concentrate on raising the integrity and the credit worthiness of the NSE.
"We are looking at an NSE that is heavily capitalized and therefore it is a promotion of corporate governance that is more important than anything else," the Chair added.
Noting that the bourse controls well over Sh1.2 trillion, the new Chairman said vowed to do everything in his power to preserve the integrity of the market that has lately come under intense criticism for failing to safeguard investors’ funds.
"We will work very hard to cater for these assets," he added.
The second agenda was the demutualization of the bourse an exercise which he hoped would be completed before the end of 2008.
The newly elected Chairman said applications had already been to the Capital Markets Authority (CMA) and were awaiting the go-ahead from them.
He said that he expected that under his watch, the bourse would be as vibrant as it has been in the last few years.
Wangunyu expressed optimism that the two Initial Public Offers (IPOs) that were underway would be held before year end.
