This archive report was first published on 1 November 2019.
November 1, 2019 - Nairobi Securities Exchange (NSE) has welcomed Safaricom Investment Co-operative to its Ibuka program, a premium incubation and acceleration program for high growth companies in Kenya.
The co-operative society, established in 2009, has undergone a rigorous evaluation and vetting process to join the program, becoming the 18th company to do so since its launch in December 2018.
As a leading co-operative society, Safaricom Investment Co-operative boasts a growing membership of 4,800 members drawn from current and former staff of Safaricom PLC and the general public.
Speaking during the admission ceremony, NSE Chief Executive Geoffrey Odundo noted, “The admission of Safaricom Investment Co-Operative onto the NSE Ibuka Program is a testament of the firm’s commitment to seek ways to enhance its growth and development as it seeks to launch its next phase of expansion across the region”.
Commenting on the admission, Mr. Humphrey Njeru, Chief Executive Officer, Safaricom Co-operative Investment stated, “We are truly excited to join the NSE Ibuka Program. As an enterprise, we are deliberate in enhancing our corporate governance structures to match the level expected from listed firms on the NSE.”
The NSE Ibuka Program aims to grow the visibility, brand recognition, and business opportunities among hostee companies, while also assisting in inculcating improved corporatization, developing capabilities to access capital markets, and providing a roadmap to long-term corporate sustainability.
Since its inception in 2009, Safaricom Investment Co-operative has invested in properties worth Kshs.5.5Billion and distributed over Kshs.2Billion in dividends. Currently, the co-operative has a diversified portfolio ranging from Real Estate, Agriculture, Quoted Securities among others.
