[Kenya] NSE admits VAELL onto the Ibuka Program
16-04-2019 07:49:26 | by: Pie Kamau | hits: 4365 | Tags:

The Nairobi Securities Exchange (NSE) has admitted Vehicle and Equipment Leasing Limited (VAELL) onto its premium incubation and acceleration program, Ibuka.

The admission comes following a rigorous evaluation and vetting process that resulted in VAELL becoming the sixth among a group of enterprises expected to join the program.

VAELL is the market leader in asset leasing, maintenance and consulting in East and Central Africa. Established in 2006, VAELL provides bespoke leasing services across various markets in Africa with fully fledged subsidiaries in Kenya (HQ), Uganda, Rwanda, Tanzania and Zambia.

It also has wide reach in other strategic markets through correspondent relationships with other leasing firms in South Africa and India.

Speaking during the admission ceremony, Geoffrey Odundo, NSE Chief Executive noted:

“This enrolment is a key milestone and will commence VAELL’s prospective listing and growth journey. The programme will prepare VAELL as it launches its next phase of growth across its various business segments and markets.”

Commenting on the admission, Joseph Kiiza, VAELL Chairman said:

“We kicked off our operations twelve years ago and we have been on a positive growth trajectory over the years which we feel would have been higher if we had adequate capital to take up new opportunities arising from our operations in various markets. We are looking forward to growing our equipment and tractor sharing platforms in the region riding on the back of our leading programs.”

Speaking during the admission ceremony, VAELL Kenya Managing Director Bertha Mvati noted:

“We are pleased to have been admitted for the NSE incubation and Acceleration program as we gear ourselves up to list shares on the NSE. VAELL hosting on Ibuka will increase the company’s visibility in the Kenyan market as well as broaden VAELL’s access to capital options in order to fund the company’s future growth initiatives.”

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.

Since inception, the program has attracted six companies across various sectors.