Grocery firm Uchumi Supermarkets at the weekend said it plans to list in Uganda, Tanzania and Rwanda bourses in the near future.
On Monday it emerged that the firm has already applied to the authorities in the respective countries for trading in these bourses.
It is believed that the listing in the three exchanges in East Africa could give the company positive exposure to 13o-million people market.
Jonathan Ciano, the CEO of Uchumi Supermarkets, late last week confirmed that the retailer had made an application to the relevant authorities in the Uganda Securities Exchange, Rwanda Stock Exchange and Dar-es-Salaam Stock Exchange.
According to Business Daily, Rwanda runs an over-the-counter (OTC) market. This refers to stocks that trade via a dealer network as opposed to on a centralized exchange.
It also refers to debt securities and other financial instruments such as derivatives, which are traded through a dealer network.
“We have applied in Kampala, Dar es Salaam and Kigali for the cross-listing. This is something we are now implementing. So we are awaiting approvals,” Ciano told Business Daily in an interview.
In recent years, the chain has been on an expansion mode in the region and at home.
This was after it had been turned around from the doldrums it had been in more than seven years ago.
The firm is also currently poised to launch a new network of stores in Kenya, Uganda and Tanzania. It also wants to set up shop in South Sudan and Rwanda.
Business Daily quoted Eric Musau, a research analyst at Standard Investment Bank, as saying being quoted on these exchanges will possibly assist the firm in raising capital for expansion in the region.