NAIROBI, Kenya, Jan 31 – The Nairobi Securities Exchange (NSE) Plc has admitted APT Commodities Limited as the first company to join the Ibuka Program; NSE’s incubation and acceleration program.
The admission comes following a rigorous evaluation and vetting process that resulted in APT Commodities Ltd. becoming the first company among an elite cadre of enterprises expected to join the program.
Ibuka is aimed at growing visibility whilst enhancing brand recognition and business opportunities among hostee companies.
Additionally, the program will assist in inculcating improved corporatization, develop capabilities to access capital markets as well as provide a roadmap to long term corporate sustainability.
APT Commodities Ltd. is a leading tea exporter with a vision of becoming the most attractive tea company in Kenya and boasts of a wide portfolio of brands such as Jambo Chai, Tangawizi, Hassan Tea and Equity Green Tea consumed in various markets across the world.
“This admission is a key milestone for both APT Commodities Ltd. and the NSE. It underscores APT Commodities’ potential for growth as companies on the program are evaluated by a team of highly qualified expert consultants and financial advisors with high levels of experience in capital markets. For NSE this is just the beginning of an exciting journey as 15 companies have already expressed interest in the program and 10 companies are undergoing a thorough vetting process,” said Geoffrey Odundo, the NSE Chief Executive.
The admission comes in the wake of improved market performance in 2019 where the Exchange has recorded increase in turnover posting a daily average of Sh500 million and Sh1.9 billion for Equity and Bonds respectively.
The NSE benchmark index, The NSE 20 has increased by 4.18 percent whilst the NSE 25 and the NASI posted an 8.1 percent and 5.8 percent increase to settle at 3,819.00 and 148.30 points respectively.
“We are delighted to join the Ibuka program in line with our strategic objective of growing our leading brands locally and internationally. This platform will enable us to scale higher in the already popularized Tea Industry. APT Commodities Ltd. prides itself as a fully owned Kenyan tea trading company that exhibits a hunger for selecting the best produce available in the market,” Peter Gitata, APT Commodities Chief Executive Officer noted.