Mathew Knowles, the father of global superstar, Beyoncé Knowles, as well other US celebrities who are board members of Bangi Inc, are eyeing the Kenyan financial market.
The company derives its name from the Swahili translation of Marijuana.
Business Daily reported that the firm's board has approved its move to cross-list on the NSE, despite the drug remaining banned in Kenya.
“A dual listing in Africa would be a natural step for the company considering its corporate name, 'Bangi' means 'marijuana' or 'hemp' in Swahili, one of the most spoken languages in Africa,” Neil Parsan, chairman and chief executive officer of Bangi Inc was quoted.
Yahoo Finance published that the company also announced that its cross-listing will represent the first US company listed both in the US and the NSE.
The firm's listing on the NSE will allow investors to use various seamless financial payment systems such as mobile money amongst others, to purchase the company’s shares.
"The Kenyan capital market has grown rapidly in recent years and has also exhibited strong capital raising capacity, which will allow us to access an entirely untapped market valued in the hundreds of billions of dollars," Yahoo quoted the company's CEO.
NSE CEO, Geoffrey Odundo, who spoke to Business Daily, stated that the firm was yet to make an application.
“I have not heard about the organisation,” he stated, even as he promised to establish its identity.
Beyonce's father is listed as Bangi’s chief marketing officer while renowned actor and rapper Ray J (William Norwood Jr), a brother to another US superstar artist Brandy, and TV actor Hill Harper, are also listed as board members.
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