KENYA – Caracal Gold Plc, a gold mining company, based in the UK, has picked Faida Investment Bank as its financial adviser and joint broker as it plans to do a Kshs 2 Billion (US$18.4 million) listing at the Nairobi Securities Exchange (NSE).
The Economic Partnership Agreement (EPA) that was ratified between Kenya and the UK in May 2021 to boost trade between the two countries worth Kshs 200 billion (US$1.84 billion) a year indicates the importance of the NSE listing to Caracal Gold.
Caracal Gold Plc’s business plan and corporate strategy in East Africa will target increasing Gold production at Kilimapesa Gold Mining and Processing Operations in Kenya and acquiring other complementary and strategically located gold mine and development projects.
The UK mining firm intends to use its enhanced international image to link up with UK, Kenyan and other European-based funds, institutions and investors.
Faida will team up with UK-based VSA Capital Limited- also appointed as a corporate broker and financial adviser to Caracal Gold Plc.
Faida and VSA will advise the mining firm with listing at the NSE’s Growth Enterprise Market Segment (GEMS) via introduction.
Geoffrey Odundo, Chief Executive Officer of the Nairobi Securities Exchange, said the listing of Caracal Gold Plc on the GEMS segment offers the mining firm access to world-class infrastructure and access to both international and local investors.
“It is very pleasing to have now appointed Faida Investment Bank Limited as our financial adviser and joint broker to now complete this listing in September, as well as the appointment of VSA Capital as our advisor and joint corporate broker,” said Tatnall.
“The gold mining sector in Kenya offers many opportunities and we hope that through our listing, we will provide Kenyan investors and institutions and other key stakeholders in the region with the opportunity to share in our vision of building a very successful, profitable and responsible gold mining company, based here in Nairobi,” said Tatnall.
Caracal Gold plc’s ordinary shares have been readmitted to the standard listing segment of the Official List of the FCA and trade on the Main Market for listed securities of the London Stock Exchange Plc.