Superior Homes (Kenya) Ltd, have announced their intention to list on the Growth Enterprise Market Segment (GEMS) of the Nairobi Securities Exchange.
The real estate development company has appointed Burbidge Capital as the Nominated Advisor for the listing, PKF as reporting accountants and A&K as transaction lawyers.
Speaking during announcement on Wednesday Superior Homes Managing Director Ian Henderson said the company is on a strategy to expand capacity and grow its business to the next level.
He said that funds raised from the market in due course will be used to start new real estate projects in fresh sites following the successful model deployed at the 163-acre Greenpark Estate.
“We have picked a superb team with a proven track record to steer us through this process and we are targeting for Listing by Introduction – subject to regulatory approvals – in the second half of 2016,” He added.
Superior Homes Kenya Ltd was established more than 10 years ago. It pioneered the Gated Community concept in Kenya by developing the open-plan Greenpark Estate at Stoney Athi which comprises more than 700 housing units, schools, green zones, sports and recreational facility as well as a shopping complex.
NSE CEO Geoffrey Odundo commended Superior Homes Kenya’s decision to go public as it showed the company’s commitment to the Kenyan market.
“We look forward to welcoming Superior Homes Kenya Ltd to the Exchange, once it has satisfied the listing criteria. The company’s intention to list is a clear indicator that Kenyan companies are ready to capitalize on the available resources while not shying away from robust governance and reporting practices.” He added.
GEMS is designed to offer a regulatory and trading environment to meet the need of SMEs. The aim is that they can tap the capital market and vast pools of lower cost capital. They can also benefit from the increase of their capital and enjoy liquidity in their shares.