Imam HutuKing's IPO
Posted: Fri May 25, 2012 4:32 pm
Yep, the hottest Isbaaro Public Offering (IPO) since the Port of Kismayo IPO in 1998.
SOMALI HIGHWAYS COMMISSION IPO TO DEBUT ON BAKARAHA MARKET
MOGADISHU. Somali Highways Commission will launch its debut IPO on the Bakaraha Market. The Somali Highways Commission (SHC) will control over 600 miles of prime road network in Southern Somalia. The SCH has signed agreements with the Ministry of Transportation and Finance to collect tolls, maintain and provide security for the road network in 4 Somali provinces. The Chief Executive Officer, Sheik Yusuf Siyaad, has over 20 years of experience in tax and fee collection running lucrative, profitable operations in Benadir, Lower Shabelle, Lower Jubba and Bay. Under his stewardship, the SCH grew in size with new toll stations being opened at a rate of several dozen per month. Sheik Yusuf Siyaad is optimistic that the IPO will be successful adding that the potential growth is still there inspite of the ongoing conflict in the war torn nation.
In a conference call with potential investors, Sheik Yusuf explained the SHC's market expansion strategy. He stated that there was going to be room for more growth in new markets across Somalia. The SHC also plans to expand into revenue/tax collection services at 4 airstrips and 3 ports across Somalia. Sheik Yusuf stated that there was great potential in maritime operations as very little tax collection was being done. The CEO also spoke about making operations more efficient and boosting customer service. He said that streamlining revenue collection processes by using IT infrastructure and calling for experts from successful private road network operators in Europe to assist in the transformation of the company.
The SHC was formed by a group of private investors in 1991. At its peak, it employed 10,000 workers and was generating an estimated turnover of $15 million per month. The SHC suffered setbacks with the rise of the radical Islamists, Al Shabab, who liberalized the road network. SHC's IPO debut will provide insight into the Bakaraha market by gauging investor confidence in the new business climate of Somalia.
Reported by: Jama Abdirahman, Correspondent in Mogadishu, compiled by Dedan Kimathi, Editor, Daily Nation
SOMALI HIGHWAYS COMMISSION IPO TO DEBUT ON BAKARAHA MARKET
MOGADISHU. Somali Highways Commission will launch its debut IPO on the Bakaraha Market. The Somali Highways Commission (SHC) will control over 600 miles of prime road network in Southern Somalia. The SCH has signed agreements with the Ministry of Transportation and Finance to collect tolls, maintain and provide security for the road network in 4 Somali provinces. The Chief Executive Officer, Sheik Yusuf Siyaad, has over 20 years of experience in tax and fee collection running lucrative, profitable operations in Benadir, Lower Shabelle, Lower Jubba and Bay. Under his stewardship, the SCH grew in size with new toll stations being opened at a rate of several dozen per month. Sheik Yusuf Siyaad is optimistic that the IPO will be successful adding that the potential growth is still there inspite of the ongoing conflict in the war torn nation.
In a conference call with potential investors, Sheik Yusuf explained the SHC's market expansion strategy. He stated that there was going to be room for more growth in new markets across Somalia. The SHC also plans to expand into revenue/tax collection services at 4 airstrips and 3 ports across Somalia. Sheik Yusuf stated that there was great potential in maritime operations as very little tax collection was being done. The CEO also spoke about making operations more efficient and boosting customer service. He said that streamlining revenue collection processes by using IT infrastructure and calling for experts from successful private road network operators in Europe to assist in the transformation of the company.
The SHC was formed by a group of private investors in 1991. At its peak, it employed 10,000 workers and was generating an estimated turnover of $15 million per month. The SHC suffered setbacks with the rise of the radical Islamists, Al Shabab, who liberalized the road network. SHC's IPO debut will provide insight into the Bakaraha market by gauging investor confidence in the new business climate of Somalia.
Reported by: Jama Abdirahman, Correspondent in Mogadishu, compiled by Dedan Kimathi, Editor, Daily Nation
