Capital Markets Authority has approved Nairobi Business Ventures LTD to offer and list 15 million new shares on the securities exchange, according to reports by Bloomberg.
This comes after the company converted preference stock( convertible notes) into ordinary shares
Following the approval by NSE for the listing, the Board of NBV has approved the allotment of 15,000,000 ordinary shares to rank in all respect with the existing shares.
“The shares that will be issued will not exceed a principal amount of Kshs 30 million at a rate of Kshs 2 per share,” the company said through a notice
NBV’s main business is the retail of leather shoes and leather accessories. It started out as a distributor of shoes in Kenya through the brand name ‘Kwanza shoes’.
In June 2016, the company listed by introduction by offering 23.6 million shares at a price of Sh 5 translating to a valuation of Sh 118 million. On Friday, its shares closed at low of Sh 1.35, 3.85% above its all time low of 1.30 recorded on Nov 21, 2018, according to data from FT.