CMA suspends Deacons (East Africa) Plc s securities from trading on the NSE
Nairobi, 21 November, 2018…The Capital Markets Authority (CMA) has suspended Deacons (East Africa) Plc shares from trading at the Nairobi Securities Exchange (NSE), for a period of 40 working days effective 19 November, 2018. The determination was made in line with Section 22 (2) of the Capital Markets (Securities)(Public Offers, Listing and Disclosure) Regulations, 2001.
The issuer notified the Authority on Friday, 16 November, of its Board’s resolution to voluntarily appoint joint administrators in accordance with Insolvency Act No. 18 of 2015. Following the notification, the CMA further granted approval for Deacons to publish an announcement of its intention to appoint an administrator pursuant to Regulation 63(7) of the Capital Markets (Licensing Requirements)(General) Regulations, 2002.
BACKROUND INFORMATION ON THE CAPITAL MARKETS AUTHORITY
The Capital Markets Authority (CMA) was set up in 1989 as a statutory agency under the Capital Markets Act Cap 485A. It is charged with the prime responsibility of both regulating and developing an orderly, fair and efficient capital markets in Kenya with the view to promoting market integrity and investor confidence.