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Fifth firm incubated for NSE Listing

In Summary

• NSE is banking on the incubation program to raise the number of companies listed on the stock market.

• Onboarded companies, mostly small and medium-size enterprises are expected to take six to 18 months in the programme.

An investor looks at the digital board at the Nairobi Stock Exchange(NSE)/FILE
An investor looks at the digital board at the Nairobi Stock Exchange(NSE)/FILE

The Nairobi Securities Exchange yesterday admitted Myspace Properties (Kenya) Limited onto its incubation and acceleration program.

The property firm became the fifth enterprise to be admitted in the program.

NSE is banking on the incubation program to raise the number of companies listed on the stock market.

“This program will enable Myspace Properties enhance its growth and accelerate its expansion into a regional real estate company in Kenya enabling it to take advantage of the growing property market in the region. ’’ NSE Chief Executive Geoffrey Odundo said.

Established in 2008, Myspace Properties is a private properties company serving the housing and property needs of real estate clientele. it is the second real estate firm after Moad Capital to be incubated in the program.

Onboarded companies, mostly small and medium-size enterprises are expected to take six to 18 months in the programme.

Once brought on board, the firms are expected to choose advisors to help them restructure the business and prepare them for capital financing.

The restructuring will include reshaping their balance sheet and governance structures.

The incubation program is aimed at growing visibility whilst enhancing brand recognition and business opportunities among hosted firms.

According to MySpace property chief executive Mwenda Thuranira, they hope the opportunity will propel our business to its next phase of growth.

In February, Jambo tea maker, APT Commodities Limited becomes the first company to be listed in the incubation program.

Other firms incubated so far are tour and travel firm Globetrotters Agency and Thika-based steel products maker Bluenile Rolling Mills.