Papillon plans to also list on the Nairobi Securities Exchange

28th July 2021 By: Tasneem Bulbulia - Senior Contributing Editor Online

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

This follows the publication of its prospectus on July 20 relating to the readmission of the company's ordinary shares to the standard listing segment of the Official List of the Financial Conduct Authority and to trading on the main market of the LSE.

Faida works in joint venture with UK-based VSA Capital, which has also been appointed as financial adviser and joint corporate broker to the company.

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.