The Growth Enterprise Market Segment (GEMS) is a segment for Small and Medium Sized Companies. GEMS enables thesefirms to raise substantial capital and accelerate their growth within a regulatory environment designed specifically to meet their needs.
The segment offers companies flexible listing requirements in recognition of the company’s growth phase.
Below are additional requirements to list on GEMS;
Requirements to List on the Growth Enterprise Market Segment
|Incorporation status||Issuer to be limited by shares and registered under the companies act.|
|Share capital||Shall have a minimum issued and fully paid up ordinary share capital of 10m. The issuer must have not less than one hundred thousand shares in issue.|
|Share transferability||Shares to be listed shall be freely transferable and not subject to any restrictions on marketability or any preemptive rights.|
|Availability and Reliability of Financial Records||N/A|
|Competence of directors and management||The issuer must have a minimum of five directors, with a least a third of the Board as non- executive directors|
|Working Capital and Solvency|| Issuer shall not be insolvent, they must have adequate working capital.
The Directors of the Issuer shall give an opinion on the adequacy of working capital for at least twelve months immediately following the share offering, and the auditors of the issuer shall confirm in writing the adequacy of that capital.
|Share and Ownership Structure||The Issuer must ensure at least 15% of the issued shares (excluding those held by a shareholder or people associated or acting in concert with him; or the Company’s Senior Managers) are available for trade by the public.
An issuer shall cease to be eligible for listing upon the expiry of three months of the listing date, if the securities available for trade by the public are held by less than twenty-five shareholders (excluding those held by a controlling shareholder or people associated or acting in concert with
him, or the Company’s Senior Managers.)
|Listed Shares to be immobilized||All issued shares must be deposited at a central depository established under the Central Depositories Act, 2000 (No. 4 of 2000).|
|Nominated Advisor||The issuer must appoint a Nominated Adviser in terms of a written contract and must ensure that it has a Nominated Adviser at all times.|
Companies on GEMS
- Homeboyz entertainment plc
- Home Africa ltd
- Kurwitu ventures ltd
- Flame tree group holdings ltd
- Nairobi Business Ventures ltd