NBV eyes infrastructure after listing 415m shares at bourse

By Wainaina Wambu

Nairobi Business Ventures Ltd (NBV) has listed an additional 415 million shares at the Nairobi Securities Exchange (NSE) as it resumed trading on Monday.

The firm now completes its restructuring process and the onboarding of a new investor, Delta International (FZE).

The trading of its shares had been suspended for more than a month to allow for this process.

Last month Delta International FZE, which deals in chemicals, transport and logistics, was revealed as the strategic investor looking to acquire an 84 per cent majority stake in the loss-making firm worth Sh83 million.

Following the restructuring, NBV will now focus on manufacturing, importing and selling of raw materials used by cement and steel processors and other firms in the infrastructure sector.

At the firm’s bell-ringing ceremony yesterday, NBV Chairman Haresh Soni said the growth of infrastructure across Africa presented the company with opportunities to supply companies with making end products such as cement and steel.

“Africa is the future of economic opportunities and NBV is committed to joining the race with its contribution,” he said.

"We want to be part of the Big Four agenda and our main focused sectors of activity shall be infrastructure."

NSE Chairman Kiprono Kittony said the capital injection and new business focus would play a significant role in reviving business operations as well as renew investor’s confidence in the prospects and future of the business.

The investment also resulted in NBV getting a new board of directors.