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Nairobi Securities Exchange plans to take up stakes in Botswana Stock Exchange, Nigerian Exchange and other bourses
- The planned expansion is part of the Nairobi Security Exchange’s bid to become a pan-African bourse.
- The NSE will use a reserve cash of over $12 million to finance the planned acquisitions.
- In the meantime, the Kenyan bourse already owns a 4.9% stake in the Dar es Salaam Stock Exchange
The Chief Executive Officer of the Nairobi Securities Exchange (NSE), Geoffrey Odundo, said the Kenyan bourse is considering taking up stakes in the Nigerian Exchange, the Botswana Stock Exchange and other bourses across the continent.
According to Mr Odundo, the plan is part of the NSE’s long-term objective to become a pan-African stock exchange. Reuters quoted him to have said: “we can become a pan-African exchange in the long term, so we are looking at how we can use this opportunity”.
At the moment, the Nairobi Securities Exchange is the fifth biggest in Africa by asset and one of the top ten best performers, according to an earlier report by Business Insider Africa. The bourse also owns a 4.9% stake in the Dar es Salaam Stock Exchange.
To finance the planned acquisitions/expansions across Africa, CEO Odundo said the NSE would be making use of a $12.98 million cash reserve.
The CEO further disclosed that the Nairobi Securities Exchange is considering acquiring other related businesses such as depository services and stock trading firms. Already, the NSE has increased its stakes in Nairobi-based Central Depository and Settlement Corporation Ltd, he said.
As you may well know, there are 29 stock exchanges located across the African continent. Some of the best performing ones among them are: Lusaka Securities Exchange, Ghana Stock Exchange, Malawi Stock Exchange, Johannesburg Stock Exchange, The Egyptian Exchange, Nigerian Exchange Group, etc.
