The Nairobi Securities Exchange (NSE) has approved the listing of the Nairobi Business Ventures (NBV), a leather products retail chain, on its Growth and Enterprise Market Segment (GEMS).
The company, which operates under the brand name KShoe, will be listed by introduction at a price of Sh5 a share with effect from next Tuesday.
The market capitalisation of the firm at listing will be Sh118 million given the 23.6 million issued shares and the price of Sh5 each.
“Application has been made to the NSE and approval has been granted for the listing of NBV Shares on the NSE. Subject to compliance with the NSE Listing Rules, the NSE will admit the Shares of the Company for listing under the security code ‘NBV’ in the GEMS,” said the company in a notice disclosing the approval.
In approving, the NSE takes into account compliance with the requirements of the Capital Markets Authority even as the exchange has powers to approve listing of companies under GEMS.
GEMS was created as a platform for SMEs to list without the onerous requirements of the rest of the NSE segments.
