The Nairobi Securities Exchange has revealed that retail chain Tuskys and National Oil Corporation will be listing this year.
Speaking while unveiling NSE 2019 Outlook yesterday, chief executive Geoffrey Odundo said good progress has been made in listing the two firms but did not give further details.
Today, NSE will list the first graduate from the Ibuka incubation programme as it embarks on its 2019 growth strategy after a poor run last year.
"We will unveil the first Ibuka graduate tomorrow (today). The firm will not trade but rather be offered a platform to experience global visibility as it prepares to list officially. At least 20 more will be added by March,’’ Odundo said.
Although he declined to mention the company to be unveiled, he gave some pointers, indicating Tuskys Supermarket which is among firms taking part in the incubation, will start official trading this year.
Other known firms undergoing the programme include Vehicle and Equipment Leasing Ltd and Cytonn Investment.
If Tuskys lists, it will join struggling Uchumi Supermarket on the retail sector counter after failure by Nakumatt Supermarket to follow suit. The once market leader is choking under Sh35 billion debt owed to suppliers and lenders.
Last year, government announced plans to raise $1billion (Sh100 billion) by listing the National Oil Corporation at home and on the London Stock Exchange in 2019 to buy a share of two oil blocks held by Tullow and its partners.
This is a relief for NSE which has been struggling to attract companies to list. The Growth Enterprise Market Segment (GEMS) which was to attract more SME listings, has been inactive.
Last year, NSE recorded the lowest results in five years with benchmark NSE20 sliding from 5,113 points in 2014 to 2,801 points, a whopping 45.12 per cent drop.
Odundo attributed the bear run to stronger Bull Run in US spiked by increase in Federal Reserve rate and revived economy, causing foreigners to favour developed markets.
Other factors include Capital Gain Tax that resulted in creation of more income inequality and Brexit which reduced economic real per-capita income globally.
The proposal to introduce Robin Hood Tax also contributed, negatively impacting the appetite of both local and foreign investors to venture into Kenya’s money market.