Kiprono Kittony has been appointed chairman of the Nairobi Securities Exchange(NSE) for a three-year tenure effective yesterday.
The former Kenya National Chamber of Commerce (KNCCI) President takes over from out going chairman Sam Kimani, who remains a non-executive director for the next one year.
Kittony who was instrumental in reviving and stabilising KNCCI, where he served two terms, yesterday said he is keen to see a growth of the country's capital markets.
In a telephone interview with the Star, Kittony said though he is taking over at a time when Covid-19 has affected the local and global economies, the future of the markets remains bright.
He plans to push for more listings at the bourse which has not had any major Initial Public Offer (IPO) in the last eight years.
“I want to focus on expanding listings. For instance, the government has a lot of businesses that can be listed,” Kittony said.
He also pledged to work closely with exchanges in the region and the African continent at large.
On driving investors into the market, Kitonny is focused on local investors with plans to bring more Kenyans on board.
“Most investors are from the foreign markets. I would like to do a drive for locals to invest in securities,” said Kitonny.
With a market capitalisation of Sh2.248 trillion and 65 listings, NSE is the leading bourse in East Africa.
"His leadership skills, experience and wealth of knowledge will be instrumental in driving NSE’s 2020-2024 Strategic Plan aimed at deepening the Kenyan Capital Markets and growing the NSE to be the investment partner of choice in Africa," the NSE board said in a statement yesterday.
He ended boardroom wrangles and fights which had characterised KNCCI for long, this made the chamber regain international repute.
Kittony currently serves as the chair of the Credit Reference Bureau Kenya Limited, AAR Insurance Limited, Mtech Limited and Radio Africa Group.
He also serves on the Business Advocacy Fund, and also sits on the advisory council of the International Fund for Health in Africa an Amsterdam based private equity fund and is one of two representatives in the Global Council of the World Chambers Federation.
