Saturday , February 24 2024

Papillon appoints Faida Investment Bank as its financial adviser and joint broker

In connection with a proposed listing on the Nairobi Securities Exchange, Papillon Holdings, which will be renamed Caracal Gold, has appointed Kenya-based Faida Investment Bank as its financial adviser and joint broker (NSE).

This comes after the company’s prospectus was published on July 20 relating to the company’s ordinary shares being readmitted to the standard listing segment of the Financial Conduct Authority’s Official List and trading on the LSE’s main market.

Faida is a joint venture partner with VSA Capital of the United Kingdom, which has also been appointed as the company’s financial adviser and a joint corporate broker.

Faida and VSA will assist the company with the listing on the NSE, which it intends to seek via an introduction of the company’s shares to the Growth Enterprise Market Segment of the NSE

On readmission, the company’s corporate strategy will focus on solidifying its position as an emerging East Africa-focused gold producer, targeting increases to gold production and resources at the producing Kilimapesa gold mining and processing operations in Narok County, Kenya, as well as acquiring other complementary and strategically located gold mine and development projects, it says.

The NSE Listing marks an important part of the company’s business plan and corporate strategy in East Africa, it adds.

The successful listing on the NSE will make the company the first gold and related minerals mining company to be listed on the NSE.

It believes the NSE listing will provide Kenyan investors with the opportunity to participate in the future growth of the company and its activities in Kenya’s mining sector.

Subject to the necessary approvals of the Capital Markets Authority of Kenya and the NSE, it is expected that the NSE listing will be completed and that the company’s shares will begin trading on the NSE in September.

The company says it has been well supported in its plans for the NSE listing by senior representatives of the LSE and NSE.

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