Finance Kenya's state-owned oil firm to dual list on Nairobi and London Stock Exchanges

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The announcement was made by President Kenyatta shortly after he rang the bell to mark the opening of trading at the LSE

play President Uhuru Kenyatta after ringing the bell marking the opening of trading at the London Stock Exchange on Tuesday. (Courtesy)

President Uhuru Kenyatta on Tuesday confirmed that the National Oil Corporation would dual list at the Nairobi Securities Exchange (NSE) and the London Stock Exchange (LSE).

The head-of-state made the announcement shortly after he rang the bell to mark the beginning of trading at the LSE in what was the first day of his official visit to the United Kingdom.

play President Uhuru Kenyatta on Tuesday confirmed that the National Oil Corporation would dual list at the Nairobi Securities Exchange (NSE) and the London Stock Exchange (LSE). (Courtesy)

 

The move is meant to enable the State-owned oil marketer to raise funds for financing emerging opportunities in the energy sector.

Through the Ministry of Energy and Petroleum, the Kenyan government wants to use funding from World Bank to implement the Kenya Technical Assistance Project, whose main aim is to strengthen the capacity of managing the petroleum sector to create wealth.

Big Four Agenda

The President is in London for the Commonwealth Heads of Government Meeting (CHOGM), a biennial meeting of leaders from the 53 countries that make up the Commonwealth of Nations.

Mr Kenyatta is expected to hold a meeting with investors where he will use the occasion to share areas of investment opportunities as envisioned in the his Big Four Agenda for Kenya’s growth.

He will then deliver a lecture at the Royal Institute of International Affairs on Tuesday afternoon to outline his development plans for his final term as well as regional peace.

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