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Kenya

Bread maker eyes Bourse

NAIROBI, Kenya, Dec 4 – Bread maker DPL Festive has finalised the appointment of advisors for its Initial Public Offer (IPO) of shares in which they seek to raise Sh500 million in capital and list all the shares at the Nairobi Stock Exchange (NSE) in the first quarter of 2009 subject to regulatory approvals.

Standard Investment Bank and PKF Consulting have been appointed as the Transaction Advisor for the issue. Co-operative Bank of Kenya will act as both the Receiving Bank and the Registrar of the Issue while Mboya and Wangongu Advocates will be the Legal Advisors. 

The Reporting Accountants for the IPO will be PKF Kenya.  Scanad Public Relations and Nuturn Bates will handle the public relations and advertising agents for the IPO respectively.

“The appointment of these advisors marks a critical stage in our quest for a listing at the NSE. This team has collectively handled numerous IPOs, rights issues and listing of shares at the NSE and we are very confident that they will steer our programme well,” said Dipesh Shah, the company’s Chief Executive.

The additional capital realised from the IPO will be used to finance the bread maker’s expansion plans as well as marketing and distribution network.

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