Ten companies are set to be listed on Nairobi Securities Exchange (NSE) by October 2023, according to President William Ruto.
Speaking at the NSE office in Westlands, Nairobi, Ruto said the listing of ten more companies to the stock exchange would present an opportunity for more Kenyans to hold shares and improve their economic wellbeing.
“In the next 12 months, we will have between six and ten companies listed in the Stock Exchange. I promise we will deliver on that commitment,” Ruto said.
Additionally, he said when public companies do well in the NSE, the government stands a great chance of getting capital from the bond market.
“It’s time to unlock the potential that exists at the NSE to drive the economy of our country,” he said.
The President encouraged members in the private sector to bring in five companies to be enlisted on the stock exchange market.
He also revealed that his government will raise financing for government projects through the Nairobi bourse as opposed to borrowing from external markets.
“I’m looking forward to the time when a boda boda operator or a mama mboga will be in a position to trade at the NSE using their phones as they wait to serve their next customers. This would be better than gambling,” he said.
Kiprono Kittony, the chairperson of the NSE, said that the future of the bourse is bright as companies across the world continue to recover from the adverse effects of Covid-19 pandemic.
“The NSE market will help highlight opportunities for global companies looking for international expansions, specifically in Africa,” said Kittony.
Ruto said that his government will relook at Kenya’s companies’ privatisation law to allow firms that wish to join the NSE to do so with ease and convenience.
The review, he said, will happen within his first 100 days in office.