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Kenya bourse drops UK-owned firms in index lineup (2)
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10:21, July 21, 2007

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Another subsidiary of British firm, Williamson Tea, which grows tea for export, was also replaced from the alternative market segment of the NSE with Express Limited, a logistics firm.

Mbaru explained that the key parameters for the index selection criteria also included a requirement that the company must be quoted for at least one year and have a market capitalization of 50 million shillings (about 750,000 U.S. dollars).

The NSE chief noted that the shareholding in some of the companies replaced from the Index -- which reflects the wealth accumulated by the main investors -- were held by institutional investors, who hoarded the shares.

Institutional investors mostly include foreign fund managers, equity partners and insurance companies, which buy the shares and sell at gross profits.

Mbaru said the inclusion of the Kenyan companies in the industrial segment of the main investment section of the NSE, was to emphasize the need for investments in the country''s industrial sector.

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