Somalia Stock Exchange

Somalia Stock Exchange
Somalia Stock Exchange Investment Corporation
Type Stock exchange
Location Mogadishu, Somalia
Founded 2012
Owner Federal Government of Somalia
Key people Idd Mohamed (Chairman)
Currency Somali shilling
No. of listings 7 (initial)
Website somalistockexchange.so

The Somalia Stock Exchange (SSE), officially known as the Somalia Stock Exchange Investment Corporation, is the national bourse of Somalia.

Overview

The Somalia Stock Exchange was founded in 2012 by the Somali diplomat Idd Mohamed, Ambassador extraordinary and deputy permanent representative to the United Nations. It was established to attract investment from both Somali-owned firms and global companies in order to accelerate the ongoing post-conflict reconstruction process in Somalia.[1]

In August 2012, the SSE signed a Memorandum of Understanding with the Nairobi Securities Exchange (NSE) to assist it in technical development. The agreement includes identifying appropriate expertise and support.[1][2] Sharia compliant sukuk bonds and halal equities are also envisioned as part of the deal as Somalia's nascent stock market develops.[1]

As of November 2014, the Somalia Stock Exchange has established administrative offices in Mogadishu,[3] Kismayo, and other urban centers in Somalia. It also maintains a bureau abroad in Nairobi, where qualified Somali stockbrokers and staff are being trained.[4]

According to the SSE Chairman Mohamed, the bourse is slated to officially open in 2015. Initially, seven Somali-owned firms from the financial services, telecommunications and transportation sectors are expected to list their shares therein for prospective global investment.[4]

See also

References

  1. 1 2 3 "Diplomat to start Somalia's first stock market". Reuters. 8 August 2012. Retrieved 5 December 2013.
  2. ↑ Minney, Tom (14 May 2014). "Nairobi Securities Exchange plans to offer 38% of shares in June IPO". AfricanCapitalMarketsNews.com. Retrieved 19 May 2014.
  3. ↑ "Somali-Mogadishu Exchange Market". NewsGhana.com.gh. 23 November 2015. Retrieved 23 November 2015.
  4. 1 2 "Somalia's new bourse sees seven firms listing on opening in 2015". Reuters. 26 November 2014. Retrieved 26 November 2014.
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