UK investor: Nairobi is where the action is

Richard Britten-Long: He says Nairobi City has the potential to pass Johannesburg as the leading financial hub in Africa. (PHOTO: DAVID NJAAGA/ STANDARD)

St Paul’s was originally supposed to have been listed in the Nairobi Securities Exchange under the Growth and Enterprise Market Segment by the end of last year. It is now six months later, what has caused the delay?

The cost of capital rose from about 14 per cent to 25 per cent, and we had to factor that in. Right now, it has gone down. You see, the market has undergone a bit of turbulence, which can be seen with how some financial institutions have been affected. We wanted to be patient and wait for the market to stabilise.