[Kenya] NSE admits Bluenile Rolling Mills onto the Ibuka Program
The Nairobi Securities Exchange (NSE) has admitted Bluenile Rolling Mills Limited onto Ibuka, NSE’s incubation and acceleration program. Established in 2007, Bluenile Rolling Mills is a leading hot rolled steel and wire products manufacturer with an annual turnover of Kshs. 4.5 billion.
It provides high quality products across the region through world-class innovation and technology. Its signature brands, Kifaru and Kifaru 500+ are prominent names in the construction industry in East Africa. It boasts of a monthly production of over 6,000 tons per month and a workforce of 800 employees. The admission comes following a rigorous evaluation and vetting process that resulted in Bluenile Rolling Mills becoming the fourth enterprise joining Ibuka.
Speaking during the admission ceremony, Mr. Geoffrey Odundo, NSE Chief Executive noted:
“This enrolment is a key milestone and underscores Bluenile Rolling Mills potential for growth as the region’s leading manufacturer of hot rolled steel and wire products. Today marks the beginning of a growth and expansion journey for the company.”
Ibuka is aimed at growing visibility whilst enhancing brand recognition and business opportunities among hostee companies. Additionally, the program will assist in inculcating improved corporatization, develop capabilities to access capital markets as well as provide a roadmap to long term corporate sustainability.
Bluenile Rolling Mills has an ambitious target of achieving growth in its bottom-line by increasing its turnover to Kshs. 10 billion by 2022 and Kshs. 25 billion by 2027 when the company will be celebrating its 20th anniversary.
Commenting on their admission, the Chief Executive Officer of Bluenile Rolling Mills noted:
“We have an ambitious target of growing Bluenile Rolling Mills into a regional powerhouse offering a wide variety of steel and wire products and with footprints across various markets in the continent. Our admission onto the Ibuka Program is a critical achievement and will play a fundamental role in preparing our business on its next phase of growth.”