Deacons share unchanged on first day of listing

PHOTO:COURTESY

Leading fashion and lifestyle retailer Deacons East Africa yesterday listed its shares on the Nairobi Securities Exchange.

Nearly 450,000 shares were traded with the closing price unchanged at Sh15. The listing will help raise additional funds that will be spent on expansion through the opening of new stores, while providing existing owners with an avenue to sell-off.

“We have identified Kisumu, Mombasa, Nakuru, Eldoret, Naivasha, Nyeri and Nanyuki as towns with a vibrant middle class that can be served by diverse brands that are offered under the Deacons umbrella as we actively pursue opportunities in Rwanda and Uganda,” said Deacons Chief Executive Officer Muchiri Wahome.

Deacons plans to expand in the counties by partnering with entrepreneurs through a franchising model. Keroche Breweries Founder and Chief Executive Officer Tabitha Karanja, the chief guest at the event, said other private firms should follow Deacons in going public.

“Today’s listing should catalyse other entrepreneurs to scale their businesses and in turn list, giving other stakeholders a chance to share in their success,” said Mrs Karanja.