This archive report was first published on 9 August 2019.
August 9, 2019, marked a significant day for the Nairobi Securities Exchange (NSE) as cannabis real estate firm Bangi Inc announced plans to cross-list on the bourse.
The move, which could make Bangi Inc the first company to be listed at both the NSE and in America, has been approved by the firm's board of directors.
Mathew Knowles, the father of global superstar Beyoncé Knowles, is among the US celebrities who are board members of Bangi Inc and are eyeing the Kenyan financial market.
Despite cannabis remaining banned in Kenya, Bangi Inc's board has approved its move to cross-list on the NSE.
According to Yahoo Finance, the firm's listing on the NSE will allow investors to use various seamless financial payment systems, such as mobile money, to purchase the company's shares.
“The Kenyan capital market has grown rapidly in recent years and has also exhibited strong capital raising capacity, which will allow us to access an entirely untapped market valued in the hundreds of billions of dollars,” Yahoo quoted the company's CEO.
BangI Inc's CEO added that the company's listing on the NSE will allow investors to use various financial payment systems, such as M-Pesa and Airtel Money, to purchase shares.
Mathew Knowles, who was appointed the Chief Marketing Officer (CMO) for Bangi Inc, will be responsible for developing and overseeing the launch of the company's global marketing campaign.
“I have been blessed throughout my career to work with various artists and companies at defining moments in their histories, which is why the opportunity to lead the marketing program at BANGI was so compelling,” said Knowles.
“BANGI has a strong culture and strategic foundation, and I look forward to leveraging my extensive network and experience to building upon the Company's momentum through innovative and breakthrough marketing strategies that are designed to achieve sustainable growth and profitability,” concluded Knowles.
