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Centum to list on Uganda exchange on Feb 10

NAIROBI, Kenya Feb 7- Centum Investment Company is expected to list its shares on the Uganda Securities Exchange (USE) from February 10.

The listing and subsequent commencement of trading will mark the successful cross listing by Centum of all its shares to be available for trading on both the Nairobi Stock Exchange and USE.

Centum Chief Executive Officer James Mworia confirmed on Monday that the firm had received the necessary approvals from the capital markets regulators in both countries.

“After our shareholders gave us the green light to cross list we are happy to note that the Capital Markets Authorities of Kenya and Uganda gave us the nod to go ahead and do so,” Mr Mworia said.

He said the cross listing is expected to offer investors across East Africa an opportunity to access a diversified portfolio of quality investments that have consistently delivered market-beating returns.

“We will offer investors a wide portfolio that provides them with access that they would otherwise not have across a variety of sectors including financial services, beverages, motor vehicle assembly and publishing,” he said.

Centum will be putting up four million shares at the USE.

The company has invested in a number of stocks at the Nairobi Stock Exchange, which form the bulk of its portfolio, including Safaricom, British American Tobacco, Kenya Airways, Barclays Bank, East African Breweries, CMC Motors and Carbacid.

It holds stakes in private companies like NAS Airport Services, UAP Insurance, K-Rep Bank, General Motors, AON Minet Insurers, and Nairobi Bottlers, among others that makes up Sh5.5 billion in private equity for Centum.

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The listed investment firm is also looking at growing the assets under its management to Sh30 billion by 2014 from the current Sh9.3 billion.

Mr Mworia said the progress the company was making in seeking to attract investors from Uganda and the drive to find new investment opportunities outside Kenya, complementing Centum’s Pan African strategy.

Follow the author at https://twitter.com/MjKaranja
 

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