Cytonn eyes bourse, London stock listing
Cytonn boss Edwin Dande said he was in consultation with the Capital Markets Authority to create more investment products that will give Kenyans of all income levels more choices, among them an NSE listing.
Real estate firm Cytonn says it is looking for the right time to float shares at the Nairobi Securities Exchange(NSE) ahead of a planned cross-listing at the London bourse. Chief Executive Officer Edwin Dande said he was in consultation with the Capital Markets Authority (CMA) to create more investment products that will give Kenyans of all income levels more choices, among them an NSE listing.“London bourse managers said we have to list at the NSE first so as to give Kenyans a chance to own a stake in Cytonn. We will cross-list but this will happen at the right time since the market is currently depressed,” he said.Mr Dande spoke during the ground-breaking ceremony for the upcoming Sh2.5 billion Applewood gated-community development in Nairobi’s Karen suburb where 13 villas will retail at Sh130 million with six waterfront villas selling at Sh186 million.“About 3,000 Kenyans invested their money with us starting at Sh100,000 and those are the funds spent on buying the 10-acre plot at Sh600 million. Part of the funds invested will be spent on this development,” he said.He added that Finland’s institutional investor Taaleri had contributed Sh5 billion to the project.Mr Dande said CMA’s nod to Cytonn Unit Trusts will give Kenyans more choices to invest in its products while enabling the company to access cheaper funds locally.Cytonn, which currently says it is worth Sh6 billion, with 98 million shares sold via private placement priced at Sh58 a unit, has developed 10 projects valued at Sh82.1 billion within Nairobi and Kiambu counties.