The London Stock Exchange Group (LSEG) in collaboration with the Ministry of Energy, Ministry of Petroleum & Mining, and the Nairobi Securities Exchange hosted the “Kenya Energy & Petroleum Capital Markets Day”, on 29th October 2018 at the LSEG offices, in London.
The meeting followed the signing of a Memorandum of Understanding (MOU) between LSEG and the Ministry of Energy in May 2017. The MoU focused on the dual listing of the National Oil Company of Kenya both in Nairobi and in London to raise capital for Kenya’s energy industry, through public market equity and debt listings and assembling key stakeholders to establish an effective dual-listing framework for equity listings in London and Nairobi. It covered a range of topics including the role of the Capital Markets in Supporting H.E. the Presidents Big Four Agenda and Kenya Energy & Infrastructure Financing and Local Currency Solutions.
Hon. Harriet Baldwin, Minister of State for Africa at the Foreign and Commonwealth Office and Minister of State at the Department of International Development attended the Conference. The Kenyan Delegation to the Conference was led by the Principal Secretary, State Department of Petroleum Mr. Andrew Kamau who was accompanied by Mr. Samuel Kimani the Chairman of the National Securities Exchange, Mr. Geoffrey Odundo the Chief Executive Officer National Securities Exchange, Mr Paul Muthaura Chief Executive Capital Markets Authority, Mr Brian Muruiki, Country Manager Kenya Shell & Chairman, Kenya Oil and Gas Association, Mr Kariithi Kibuga Kinyua, Chairman, National Oil Company of Kenya, Mr Joseph Sitati, Non- Executive Director, Kenya Electricity Generating Company and officials from the Kenya High Commission led by the Acting High Commissioner Mrs Grace Cerere, among others.
In her statement Hon. Harriet Baldwin noted that Kenya has a stable and conducive investment environment and applauded the continued efforts by the Government to create a business friendly environment. She added that during the recent visit by the Rt. Hon Teresa May to Kenya, the Prime Minister emphasized that economic relations between the United Kingdom and Kenya are expected to continue uninterrupted after Brexit and that Kenya would continue to enjoy the current duty and quota free entry into the United Kingdom Market.
The LSEG Chief Executive Officer, Mr. Nikhil Rathi in his intervention emphasized that the LSEG supports Kenya’s international sovereign bond listings in London and are committed to working in partnership with the country to support the development of local currency and green bonds. He added that LSEG has a strong technology partnership with Nairobi Securities Exchange, providing technology for equities trading platform.
A ‘Kenya Housing Roundtable’ was hosted by GuarantCo on Monday 29th October 2018. In addition, the LSEG, PwC and GuarantCo hosted a ‘Financing Infrastructure through Local Currency Solutions’ Roundtable on 30th October 2018.