On 17th April 2015, JMiles and Co. jointly hosted a seminar with Horizon Africa Capital, the London Stock Exchange (the “LSE”), Nairobi Securities Exchange, Capital Markets Authority and the UK law firm, Stephenson Harwood. In the half-day seminar, held at the Kempinsky Hotel in Nairobi, aptly dubbed “The Best of Both Worlds-look at Dual Listing Opportunities in Nairobi and London” speakers discussed the developments in the East African and LSE as well as opportunities for those contemplating a listing in both or either markets. The event brought together corporate finance experts, lawyers, local and regional capital market players, and companies keen to explore dual listing. A dual-simultaneous listing in London and Nairobi is expected to allow a Kenyan company to raise both domestic and global equity capital to finance its growth through a single offer. A dual-simultaneous listing would also allow a Kenyan company to attract the world’s largest investors and gain international visibility without compromising its ability to tap domestic capital and develop a robust domestic shareholder base.
John Miles, Director of JMiles & Co chaired the seminar and opened the floor by introducing the speakers which set the scene for the discussions. Mr Ibukun Adebayo, Co-Head Emerging Markets, Equity Primary Markets, LSE gave a presentation observing that:- “listing in London gives African companies access to the world’s largest pool of international equity capital and leading institutional investors with the unmatched visibility and prestige of a London listing.” Mr. Geoffrey Odundo, Chief Executive, Nairobi Securities Exchange (NSE) said that:- “The Nairobi Securities Exchange is keen to collaborate with the LSE and other Exchanges to enhance dual listings.” Mr. Paul Muthaura, Acting Chief Executive, Capital Markets Authority (CMA) gave a presentation on the CMA’s implementation of the 10-year Capital Market Master Plan.
The key note address was given by Stuart Connal, the Chief Operating Officer, Seplat Petroleum who elucidated Seplat’s historic simultaneous dual listing in Nigeria and London.
The conference was the first of its kind in Kenya and brought together key industry players within the region and we expect that dual-listing between the East African markets and that LSE will become a reality in the very near future.