Seems that being listed is not necessary for most firms. Even in the US, there are many huge unlisted firms/businesses which prefer remaining so.

http://www.businessdaily...10432-xmj36p/index.html

"The event also welcomed five new billion-shilling turnover companies to Club 101 who included Laneeb Plastics Industries, Master Power Systems, Ravaco Enterprises,Satguru Travel and Tours Services as well as Tropical Heat Limited."

Many NSE listed firms don't break the KES 5bn turnover [the article isn't clear but I assume it's annual turnover] mark. Let's be clear, profits and cashflow matter more than turnover [KQ comes to mind] BUT this also shows the dearth of quality listed firms and/or the regulatory environment in Kenya.

How can the NSE attract more firms to list?
Or is listing [with all the drama, costs and scrutiny] not worth the trouble for growing firms that have access to equity capital and/or debt?

It is exasperating to hear the usual chorus at AGMs about "food, umbrella and bus fare"... What BS.
Then the usual idiotic questions about CSR. The best CSR is making money for shareholders so I can provide CSR to my family/friends.

Yes, dividends are nice but if the policy of the firm is stated [zero dividends] then invest in that firm with that in mind. I did just that with Centum and sold out [too early] at a decent capital gain.

BTW, Berkshire Hathaway doesn't pay dividends. It hasn't done so for decades. Warren Buffett is very clear about why BH doesn't pay dividends. He is not averse to investing in firms that pay dividends. Different firms, different objectives, different policies.

So, how can we invest in these up-and-coming firms which might never list or list in years to come?