NSE-Web-Prospectus-2014

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Directors’ StatementThe Directors in Section 1.10 below take responsibility for the information in this Prospectus. We declare thatto the best of our knowledge and belief, the Directors have taken reasonable care to ensure that the informationcontained in this Prospectus is in accordance with the facts and that the Prospectus makes no omission likelyto affect the import of such information or which, in the opinion of the Directors, should be included in thisProspectus or which could otherwise influence the decision of a prospective investor.We further declare that statements contained in this Prospectus are correct and that the Board of Directors’minutes, audit reports and/or any other internal documents do not contain information which could distort theinterpretation of this Prospectus.We confirm that in our opinion based on the business as is currently carried on, the working capital available toNSE is sufficient for NSE’s requirements for at least 12 months from the Self Listing Date. In our further opinionthe issued and fully paid up share capital is adequate for NSE`s requirements for the foreseeable future.We confirm that NSE will comply where applicable with the Capital Markets Legislation and the Companies Act.NSE will also comply with The Exchanges’s Rules and Listing Manual.Mr. Edward NjorogeChairmanMr. Peter MwangiChief Executive10
Chairman’s Statement(USD 2.89 billion) while the largest single corporate bondtransaction had bids in excess of Kshs 25 billion (USD 288million). The Exchange is one of the leading exchanges inAfrica.NSE is on a mission to seek world exchanges classificationchange from “frontier status” to “secondary emergingstatus” in the future. Towards this end, NSE supportsaccelerated capital markets development. A number ofstrategic initiatives will be required to be implemented andNSE will play its rightful role accordingly.This Prospectus provides significant amount of informationand I therefore urge you to read it carefully.On behalf of the Board, I look forward to welcoming you asa shareholder of the NSE.Dear Investor,On behalf of the Board it is my pleasure to present thisProspectus to you on the Offer of the NSE and Self-listingof the NSE on the Main Investment Market Segment of theExchange.Mr. Edward NjorogeChairmanI am also pleased that the NSE has achieved full demutualization.The Offer is in line with global best practice for exchangesand is aimed at improving the effectiveness of the NSE andfurther strengthening its corporate governance structures.Upon its Self-Listing, the NSE will become the second listedexchange in Africa.Kenya`s Vision 2030 has identified six key sectors that areexpected to deliver the 10% economic growth rate per annumenvisaged under the “economic pillar” and one of them is‘’financial services’’. Capital markets is a critical sub-sector of“financial services” and we believe that the NSE is playing itssignificant role in attracting foreign capital and growing thedomestic savings and investment rates to achieve the goalsunder the above plan.As of 31 December 2013, The Exchange had over 120 listedequities and bonds for a total market capitalization of overKshs 2.7 trillion (USD 31.18 billion) which was over 75%of Kenya’s GDP. In the year 2013, the aggregate-purchaseand sales of bonds was Kshs 914 billion (USD 10.56 billion)while purchases plus sales of equities was Kshs 311 billion(USD 3.59 billion). At the Exchange, the largest single equityprimary transaction had bids in excess of Kshs 250 billion11
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13.27 Expenses of the OfferTable 13
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