Tuesday , 24 April 2018

Home » News » DEACON PLANS TO LIST AT NSE

DEACON PLANS TO LIST AT NSE

Deacons projects to list itself in the Nairobi Securities Exchange (NSE) in the third quarter of 2012.

The company after shrugging off the effects of weak shilling, draught, foreign exchange fluctuation and skyrocketing fuel now sees itself as eligible to list its shares at the Securities exchange.

However, the listing will depend on approval by the company’s board, Capital Markets Authority (CMA), and favourable business environment that will wedge through effects of the forthcoming general elections.

But Deacons Chief Executive Officer, Muchiri Wahome is hopeful the company will appear on the list before the end of the year.

“We are optimistic conditions will be favourable at the time. Upon approval by board members and NSE, Deacons will be legible to list its shares,” said Wahome.

Despite the hard economic times experienced last year, Deacon saw an increase in customer transactions attributed to new stores it opened in the year and Christmas promotions campaign (Shop and take off on 27 holidays to Dubai) that increased sale by 30 percent over 2010 results.

Deacons has also unveiled plans to consolidate loyalty programmes in its operations, a move that will see it increase regional footprint over the year.

The move is also projected to see the company recording sales turnover growth of 37 percent over its 40 percent year in year revenue growth. This implies that it targets a turnover growth of 77 percent.

Deacons is now planning to open up three new branches in Uganda’s capital Kampala, in the next quarter of the year, while seeking to grow newly opened Babyshop stable in the country.

The company seeks to open a total of six new stores by the end of the year. The six will entail Babyshop, Mr. Price Home and Angelo.

Wahome said the expansion plans will ensure customer demands are meet. At the same time, he said the company will focus on value addition to further boost sales.

“We want to reach our customers to find out their needs, what conforms to their taste and preference. Companies will only attract sales if focus is laid on value addition,” said Wahome.

But Wahome sees Uganda market as vibrant in the East African region, a reason for opening more branches in the country to intensify its regional growth. This was attributed to the country’s lifestyle that has provided good market for deacons brands.

“This has given Deacons the impetus and confidence that the Uganda market is viable to further expansion,” he said.

Last year the company opened two stores in Kigali Rwanda, which it also sees as vibrant, announcing the retail store will be fully operational over the year. However, Tanzania seemed to be doing poorly among the stores in the region. A reason that may see minimal expansion in the country.

“Over the last year, Tanzania has been the toughest market in the region as it has never been capitalised and the markets are not revolutionarised,” explained Wahome.

DEACON PLANS TO LIST AT NSE Reviewed by on . Deacons projects to list itself in the Nairobi Securities Exchange (NSE) in the third quarter of 2012. The company after shrugging off the effects of weak shill Deacons projects to list itself in the Nairobi Securities Exchange (NSE) in the third quarter of 2012. The company after shrugging off the effects of weak shill Rating:
scroll to top