VAELL ASKS NSE TO OPEN LOCALS ONLY PLATFORM
Vehicle and Equipment Leasing Limited (VAELL) asked Nairobi Stock Exchange (NSE) management to create an exceptional trading platform for Kenyan citizens only during a meeting held at their Naivasha offices on 21st January 2019. The lessor says this will help grow the local economy as well as strengthening local firms.
“We have received a lot of offshore requests but are keen on having local investors. VAELL is 100% local and we would like to keep it local. We would like Kenyans citizens only irrespective of their races to benefit from our offer. Ethiopia practices it with tremendous success as the population has a greater sense of ownership,” said Jared Oluoch Oundo, VAELL’s Head of Communication and Corporate Affairs.
NSE Commercial Director, Bahati Morara, said, “We applaud VAELL for choosing to remain local. We have introduced innovative initiatives that can help local companies that want to be listed locally; however this is our very first time hearing of a company that wants to be listed locally 100%. It is critical that we conform to both the local regulations and international listing standards including the IOSCO principles as we consider this request”.
“We have developed new concepts such as IBUKA, which is a rapid mass visibility strategy to help companies realize both their short-term and long-term objectives. NSE is willing to provide guidance to companies that are seeking to be listed at the bourse. We met VAELL’s management to take them through the NSE listing process. We are interested in supporting them go through the process successfully and achieve an oversubscription. This is the best time to list, the year has started on a positive trajectory notwithstanding the market dynamics. We have received interests from over 10 companies seeking to list with us (NSE),” she added.
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