Muramati Savings and Credit Co-operatives is keen to be listed at the NSE. On a phone call with with the SACCO a source, who would rather not be mentioned, said “We cannot tell the public exactly when we will be listed but meanwhile its true that we intend to be listed at the NSE.” The SACCO changed its identity to Unaitas on Wednesday July 11th 2012 as part of its re-branding and countrywide expansion in readiness for listing at the Nairobi Securities Exchange.
An NSE listing means that the SACCO would be in open market thus, meaning that there might be an increment in the share price. How soon the listing comes could still depend on how fast Konza ICT city develops since the SACCO has invested Ksh200 million in land around the area.
Chief executive Tony Mwangi said that the objectives of the SACCO include a listing at the Nairobi Securities Exchange and later on spreading its operations to as many African countries as possible. Currently, its operations are concentrated in Central province with its base in Murang’a town. It has grown from a membership of less than 4,000 to 14,000 with a Ksh 2.8 billion in excess of their asset base by 2011.
The SACCO was caught in a controversial share sell in October 2010 after it had offered its shares to the public without the approval of CMA. The shares were selling at Ksh 10 each then, while the company hoped to raise Ksh 200 million through the issue. The exercise was stopped mid way by the CMA who accused the SACCO of flouting the Capital Markets Act by selling shares to the public without first issuing an information memorandum, which is contrary to Section 30 A of the Capital Markets Act.