By Dhahabu Writer
ICT Cabinet Secretary Joe Mucheru has called on local companies in the ICT sector to list in the Nairobi Securities Exchange and cross list with foreign exchanges to raise their profile.
Speaking at a board meeting with Kenya Association of Manufacturers (KAM) he noted that no local ICT firm is listed at the bourse.
“Local firms cannot attract partnerships with major international players because of failing to list in the stock market,”
said Mr Mucheru,
“The government is willing to support companies using policies that encourage growth and investments, you must however seek growth actively.”
The sentiments follow London Stock Exchange’s move last year urging Kenyan companies to consider cross-listing at the bourse in order to raise their profile internationally.
Listing both locally and internationally is tagged along with benefits of exposure to international markets, access to more equity capital to finance their cross-border expansion and investor’s surety of updated books of accounts.
The Chief Executive Officer of Kenya Association of Manufacturers, Ms Phyllis Wakiaga nonetheless said their concern was with non-friendly government policies that thwart growth of local companies.
“We also need government to consult the stakeholders while developing and reviewing legal and policy frameworks. Failure to consult causes information gaps and investment challenges in the ICT sector,”
said Ms Wakiaga.
KAM in a memorandum submitted requested to the ministry asking for involvement in public projects such as the automation of county offices, health care system and land registry centers among others.