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British Gold Miner Papillon To List On NSE

Nairobi Securities Exchange (NSE)
Nairobi Securities Exchange (NSE) / Courtesy

British gold miner Papillon is set to list on the Nairobi Securities Exchange (NSE) in September.

This follows a reverse takeover deal with Mayflower Gold, which has gold mines in Migori, a deal that will see the firm renamed to Caracal Gold.

A reverse takeover (RTO) is a process whereby private companies can become publicly traded companies without going through an initial public offering (IPO). To begin, a private company buys enough shares to control a publicly-traded company.

Investopedia explains that the private company’s shareholder then exchanges its shares in the private company for shares in the public company. At this point, the private company has effectively become a publicly-traded company.

“Subject to the necessary approvals of the Capital Markets Authority of Kenya (‘CMA’) and the NSE, it is expected that the NSE Listing will be completed, and the Company’s shares will commence trading on the NSE in September 2021,” the company said.

Faida Investments bank and UK-based VSA Capital Limited, who will work in a joint venture, have been appointed to lead the Kenyan listing.

Read: Safaricom Customers To Invest In NSE Stocks Using Bonga Points

The Kenyan listing comes days after the firm completed the first phase of its dual listing at the London Stocks Exchange in August 2021.

In January 2021, Mayflower Gold expanded its portfolio by taking over Kilimapesa Gold from London-listed gold miner Goldplat.

Mayflower is also set to acquire 70 percent of Congo Gold SARL which has interests in the Kakamoeka Gold Project

When President Uhuru Kenyatta visited the UK in July, Mayflower announced the dual listing worth Ksh2.1 billion.

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Written by Francis Muli

Follow me on Twitter @francismuli_. Email

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