Sokoni Retail Kenya Limited, owner of Kenya’s second largest retailer Quickmart has announced plans to list 100% of its ordinary shares in the supermarkt chain on the Nairobi Security Exchange by end of this month. The retailer says it has already filed its draft information memorandum and submitted its application to the CMA and NSE for approval and admission on the Main Investment Market Segment of NSE. SRKL is proposing to sell 2 billion of its ordinary shares in Quickmart which is equivalent to 50% of the issued ordinary share capital of the retailer by way of an offer for sale. According to Quickmart Chief Executive Officer Peter Kang’iri, the listing marks an important milestone for the retailer as its seeks to strengthen its footprint across the country. “Listing on the NSE will give Kenyans the opportunity to own a share of a business they already shop in, while raising our profile with suppliers and partners as we continue to deliver on our growth strategy. We are proud of what our teams have built and excited about the opportunities that lie ahead,” said Kang’iri. SRKL says if the over-allotment option is exercised in full, it’s remaining shareholding would reduce to approximately 42.5%. “The proposed Listing represents a natural next step in that journey. It will broaden ownership of the Company, introduce a public free float and enable Kenyan and other eligible inve...
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