Nation shares to start trading in Uganda next week

Nation Media Group will list its shares on the Uganda Securities Exchange (USE) on Tuesday next week and a month later in Rwanda.

This follows approvals by the Uganda Capital Markets Authority and USE.

Nation shareholders passed a special resolution at its AGM on May 19, this year, to offer the company’s shares to investors across East Africa.

This, was to be by cross-listing on the Uganda Securities Exchange, the Dar-es-Salaam Stock Exchange and the Rwanda Over The Counter Market.

NMG will list 157,118,572 issued ordinary shares of Sh2.50 each to the official list of the USE and trading will commence immediately.

“The cross-listing is intended to not only communicate NMG sheer business size and intentions for the East African Community but also grow the level and diversity of owners who will now be able to buy into the company’s vision of Media of Africa for Africa,” NMG chief executive Linus Gitahi said on Thursday.

Listed since 1973

The media group has been listed on the Nairobi Stock Exchange since 1973 and has a strong record of profitability and growth.

NMG shares will also be cross-listed in Rwanda on November 2 this year, Mr Gitahi said, followed shortly by Tanzania.

NMG Chairman Wilfred Kiboro said the board was confident of the group’s future performance.

“It has continued to increase the shareholders’ value and while focusing on its core business activities, it continues to explore possible business opportunities in the region,” he said.