KIGALI,
Rwanda, November 5, 2013/ -- The recently operational East
Africa Exchange (EAX) (http://www.africaexchange.com)
concluded the first regional trade auction from its Rwanda head office,
successfully selling 50 metric tons of maize at 398 USD per metric ton between
a Ugandan seller and Rwanda buyer. The auction took EAX one step closer to its
ambition to create “one African market” and has given further credence to the
importance of regional commodity trading.
EAX is owned by African Exchange Holdings (AFEX) which
was formed by Tony Elumelu's Heirs Holdings (http://www.heirsholdings.com)
AFEX Chairman
Tony O. Elumelu, CON, said, “East Africa Exchange’s successful first auction is
a powerful demonstration of the tremendous value that can be unlocked through
this platform. EAX will continue to advance the competitiveness and integration
of East Africa’s agricultural markets, as well as bringing tangible
improvements to the lives of the region’s farmers. We are looking to replicate
this impact in many countries across Africa.”
With a brand new trading platform, powered by NASDAQ, the East
Africa Exchange (EAX) has big plans to transform the way small farmers and
traders do business within the East African region and beyond. It will provide
global market access to local farmers through proven technology.
In the days prior to this first auction, local traders
were required to visit EAX offices and undergo training on the NASDAQ OMX
electronic trading platform. Over the past four months, the EAX has trained
over 50 local and regional traders on the new technology.
The exchange will be a marketplace offering price
transparency and wider market access to farmers from across East Africa and
beyond.
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