Marula will become the first metal mining company to list in Nairobi and will join an exclusive club of dual-listed companies.
The mining company is listed as part of the NSE’s Growth Enterprise Market Segment (“GEMS”), which consists of small and medium enterprises including Homeboyz Entertainment Plc, Kirwitu Ventures Ltd and Nairobi Business Ventures Ltd.
The current expected launch time is the first quarter of 2024.
Marula operates in Kenya, Tanzania, South Africa, Zambia and Zimbabwe and has rare earths, tantalum, lithium, niobium and phosphate projects among its active mines. In May 2023, the company established a subsidiary, Muchai Mining Kenya, in Nairobi to explore mining opportunities for copper and graphite. Global demand for rare earth metals is soaring as the world shifts to more sustainable and climate-friendly energy options.
If successful, the NSE’s Geoffrey Odundo will end his tenure as chairman on a high note, having helped wind up the exchange’s listing of Homeboyz Entertainment Plc and now Marula Mining in June 2023 within a year listing shortage. The NSE has gone through a long listing drought since the listing of Stanlib Fahari REIT (now ILAM Fahari I-REIT) in October 2015.
Marula’s listing is good news for the stock market after reports that three companies, including Credit Bank, had suspended plans to list on the stock exchange, sparking some speculation that the decisions were due to a loss in the company’s value . shilling.
The GEMS segment is likely to see some changes in the coming year as new regulations aim to remove some trading barriers for companies seeking to trade on the stock exchange, while the NSE’s three segments are expected to be split into two segments – the main investment market segment and SME segments.
Marula’s listing is expected to benefit from the African Exchange Linkage Project (AELP)
AELP is an initiative launched by the Association of African Stock Exchanges (ASEA) and the African Development Bank (AfDB) to unlock cross-border investment opportunities across the continent’s many different stock exchanges.
Marula Mining CEO Jason Brewer said in a statement to the media: “We plan to move our primary London listing to the London Stock Exchange Standard List and a dual listing is our plan Additionally, we are continuing to advance this plan.”
Faida Investment Bank advised on Marula’s listing as the company’s nominated adviser and sponsoring stockbroker, while Bridge Capital Advisors continues to act as corporate adviser to Marula and oversees the JSE listing.
