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The Upspring of the East African Securities Markets

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The Upspring of the East African Securities Markets Issue 1 | Display until April | 30th 2013 Africa Dances | Bribery on Roads | Corporate Responsibility | Maintaining Vitality French Version THE UPSPRING OF Inside THE EAST AFRICAN SECURITIES MARKETS in 2012. We Share Lake Victoria | We share Swahili Language | Now we share The Exchange 2013 I Issue 1 1 2 2013 I Issue 1 Publisher EXCHANGE TEAM CONTENTS Chief Editor Carol Karugu [email protected] Sub Editors 9 | Regional Analysis Waithera Mwai [email protected] The quarterly trends on the EAC markets Fanon Mwenda and their likely impact on other markets. [email protected] French Translation 17 | Africa Dances to the Beat Emma Wenani [email protected] While the world shakes and stumbles, Africa dances to a different beat The Exchange Committee Members Joseph Kitamirike (Chairman, CEO - USE) Peter Mwangi (Member, CEO - NSE) 19 | Bribery on Roads Donald Ouma (Member - NSE) Jonathan Bushara (Member - USE) Survey shows regulatory authorities in Emanuel Nyalali (Member - DSE) East Africa are the most corrupt as bribery Celestin Rwabukumba (Member - RSE) drives up the cost of commodities Contributors 23 | Corporate Responsibility Evelyne Ogutu Dr Issac Rutenberg For many companies environmental, social and Kinoti Gatobu governance issues have a significant impact Cathy Mputhia on their ability to operate and generate profit Sammy K. Waweru David Mugwe Moses Munene 26 | Maintaining Vitality Maryanne Muchui Waithera Mwai Maintaining robust growth even in the face of uncertainty Design Kichimbi Brand Solution 30 | Corporate Image [email protected] Weathering a posive corporate Photography Shutterstock, Image Library image in the stom Advertising Sales 32 | Cross Listing across East Africa [email protected] Waithera Mwai Entrance of cross listed companies, in the [email protected] EAC has boosted the trading activities TEL: 254 (020) 2831000 in some otherwise slow exchanges Distributed in Uganda, Tanzania, Why we cant wait & Since i got Listed Kenya and Rwanda. BRITAM and UAP Holdings Limited The Exchange Magazine is owned by Nairobi Securities Exchange, Uganda Securities Exchange, Rwanda Stock Exchange and All rights reserved. Reproduction in whole or in part without written permission of the editor is strictly Dar es Salaam Stock Exchange. prohibited. The greatest care has been taken in compiling this magazine publication. However, no responsibility can be accepted by the publishers or compilers for accuracy of the information presented. 2013 I Issue 1 3 Chairman’s Note We as securities exchanges need to collectively work towards improving the liquidity of our markets. I have some suggestions; stimulate the four Ps that characterize the Exchange space (Products, Players, Participants and Partnership. Products such as exchange traded funds (ETFs) – listed securities that share the characteristics of a unit trust and stocks, and track the performance of market indices; real estate investment trusts - a listed entity that owns – and typically operates – income- producing real estate or real estate-related assets. REITs provide a way for individual investors to earn a share of the income produced through commercial real estate ownership – without actually having to go out and buy commercial real estate. Building the capacity and competence of our Players and Participants so that they can execute transactions and just as importantly, our investors have confidence in their integrity. Lastly, closer partnerships that reflect our aspirations as East Africans - stronger linkages with each other and partnerships with Asian Exchanges; as reflected by Chairman’s Note our need to diversify our trade linkages and to attract capital from the regions currently bouying the global economy. Benimadhu challenged participants to discuss his issue seeks to highlight the better what was needed to double Africa’s GDP On December 14 2012, Umeme Ltd., which than expected performance of East growth and bring it to double-digit levels. began trading on the Uganda Securities Africa’s securities markets in 2012 Exchange on November 30 2012, became and the underlying factors driving He noted “African economies have so far built the first East African company following the Tthis success. I would like to speak to the their growth as suppliers of raw materials incorporation of EASEA to have a secondary opportunities going forward and what we as and low value-added goods. There is now listing on the Nairobi Securities Exchange. East African exchanges need to do as a region a substantial need for African economies Previously, companies listed on the NSE have to harness some of these opportunities. to power themselves to move up the value sought secondary listings on the Uganda chain of products to become over time Securities Exchange (USE), Dar-es-Salaam African capital markets and regulatory the supplier of high value-added products Stock Exchange (DSE) and the Rwanda environments are evolving rapidly. This is to the rest of the world.” Mr. Benimadhu Stock Exchange (RSE). It was gratifying to shown by the fact that at the 15th African also noted, “Substantial improvements are note the speed with which the Capital Securities Exchanges Association (ASEA) needed in infrastructure (roads, railway, Markets Regulators approved the listing Annual General Meeting, held on December ports, airports) linking African markets”. Our of Umeme. In 2013, as the East African 2 2012 in Cairo, Egypt, a resolution to amend EAC securities exchanges need to get the Exchanges, working through the East African the Association’s Memorandum and Articles message across to our entrepreneurs that Securities Exchanges (EASEA) will cooperate to broaden the definition of a Full Member a listing on their home markets in order to ensure an increase in cross listings to include entities that trade alternative to grow their businesses to continental and to encourage approving authorities financial securities such as derivatives and players, should be a cornerstone of their to play their role more aggressively. commodities, was unanimously approved. strategy. In addition to tapping concessional funds from international development It also reflects the fact that commodities partners,our public markets should facilitate – agricultural and minerals are a huge the regional governments in raising of component of Africa’s economy. For East capital for investments in infrastructure. JOSEPH S. KITAMIRIKE Africa, with the discovery of potentially, We believe this message is now filtering CHAIRMAN commercially viable energy and other natural through major insititutions and policy resources; capital markets must move to makers in the region. The Secretary General provide a platform for alternative financial of the East African Community recently, EAST AFRICAN SECURITIES securities, otherwise someone else will. At the at the last Summit in Nairobi, announced EXCHANGES ASSOCIATION 15th Annual ASEA Conference, the President that the East African Development Bank of the Association, Mr. Sunil Benimadhu made was due to float a large regional bond, some pertinent observations, which are whose proceeds would be availed for use relevant for our region. In his presentation, Mr. inter alia in infrastructure development. 4 2013 I Issue 1 East Africa MEMBERS Nairobi Securities Exchange Dyer & Blair Investment Bank Ltd Member Firms Pension Towers, 10th floor, CFC Stanbic Financial Services P.O. Box 45396 - 00100 CFC Stanbic Centre, Francis Drummond and Co. Ltd Nairobi P.O. Box 47198 – 00100 Hughes Building, 2nd floor, Tel: 3240000/2227803/4/5 Nairobi P.O. Box 45465, 00100 Fax: 2218633 Tel: 3638900 Nairobi. E-mail: [email protected] Fax: 3752950 Tel: 318690/318689 Web: www.dyerandblair.com E-mail: [email protected] Fax: 2223061 Web: www.csfs.co.ke E-mail: [email protected] Old Mutual Securities Ltd. Web: www.drummond.co.ke IPS Building, 6th Floor ABC Capital Ltd P.O BOX 50338 - 00200 IPS Building, 5th Floor Kingdom Securities Ltd Nairobi P.O. Box 34137- 00100 Co-operative Bank House,5th Floor, Tel: 2241379/2241408 Nairobi P.O. Box 48231 00100 Fax: 2241392 Tel: 2246036/2245971 Nairobi E-mail: [email protected] Fax: 2245971 Tel: 3276000 www.oldmutual.co.ke E-mail: [email protected] Fax: 3276156 [email protected] A I B Capital Ltd. Faida Investment Bank Ltd. Finance House, 9th Floor. Windsor House, 1st floor, NIC Securities Limited P. O. Box 11019-00100 P.O. Box 45236-00100 Ground Floor, NIC House, Masaba Road Nairobi Nairobi P.O. Box 63046 – 00200, Tel: 2210178/2212989 Tel: 2243811/2/3 Nairobi Fax: 2210500 Fax: 2243814 Tel:2888 444 / 0711 041 444 E-mail: [email protected] E-mail: [email protected] Fax: 2888 544 Web: www.afrikainvestmentbank.com Web: www.faidastocks.com E-mail: [email protected] African Alliance Kenya Investment Bank Kestrel Capital (EA) Limited Suntra Investment Bank Ltd 1st Floor, Trans-national Plaza ICEA Building, 5th floor, Nation Centre, 7th floor, P.O. Box 27639 - 00506 P.O Box 40005-00100 P. O. Box 74016-00200 Nairobi Nairobi Nairobi Tel: 2762000/2762557/0733333140 Tel: 251758/2251893,2251815,2250082 Tel: 2870000/247530/2223330/2211846 Fax: 2731162 Fax: 2243264 0724- 257024, 0733-222216 E-mail: [email protected] E-mail: [email protected] Fax: 2224327 Web: www.africanalliance.com Web: www.kestrelcapital.com E-mail: [email protected] Web:www.suntra.co.ke ApexAfrica Capital Ltd Renaissance Capital (Kenya) Ltd Rehani House, 4th floor Purshottam Place, 6th floor, Discount Securities Ltd. P.O. Box 43676 - 00100 Westland , Chiromo Road (Under Statutory management) Tel: 242170/2220517 P.O. Box 40560-00100 NHIF Building Fax: 2215554 Nairobi P.O. Box 42489-00100 E-mail: [email protected] Tel: 3682000/3754422 Nairobi Website: www.www.apexafrica.com Fax: 3632339 Tel: 2219552/38, 2773000 E-mail:[email protected] Fax: 2230987 Standard Investment Bank Ltd Web: rencap.com E-mail: [email protected] ICEA Building, 16th floor Web: www.dsl.co.ke P.O. Box 13714- 00800 Sterling Capital Ltd Nairobi Barclays Plaza, 5th floor, Genghis Capital Ltd. Tel: 2228963/2228967/2228969 P.O. Box 45080- 00100 Prudential Building, 5th Floor Fax: 240297 Nairobi P.O.
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