NAIROBI, Kenya, Aug 3 – Superior Homes real estate company has announced its intentions to list on the Growth Enterprise Market Segment (GEMS) of the Nairobi Securities Exchange in the second half of 2016.
The firm’s Managing Director Ian Henderson said that the move is part of the company’s strategy to expand capacity and grow its business to the next level.
Further, funds raised by the billion-shilling company from the market will be used to start new real estate projects in the country.
Primarily, GEMS are designed to offer a regulatory and trading environment to meet the need of Small and Medium Enterprises.
The aim is that they can tap the capital market and vast pools of lower cost capital. They can also benefit from the increase of their capital and enjoy liquidity in their shares.
“Funds raised from the market in due course will be used to start new real estate projects in fresh sites following the successful model deployed at the 163-acre Greenpark Estate,” he said.
The company has contracted Burbidge Capital as the nominated advisor, PKF as the reporting accountants and A&K as transaction lawyers.
NSE Chief Executive Officer Geoffrey Odundo commended Superior Homes Kenya’s decision to go public saying it showed the company’s commitment to the Kenyan market.
“We look forward to welcoming Superior Homes Kenya Ltd to the Exchange, once it has satisfied the listing criteria. The company’s intention to list is a clear indicator that Kenyan companies are ready to capitalize on the available resources while not shying away from robust governance and reporting practices. The intention to list is yet another pointer of the great confidence that our Kenyan Companies continue to have in our Capital Markets, as they seek to raise capital to facilitate their various strategic initiatives,” Odundo said in a statement.