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  • CAPITAL MARKETS UNIVERSITY CHALLENGE 2018

    CAPITAL MARKETS UNIVERSITY CHALLENGE 2018

PRESS RELEASE

 

 

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.

ENDS

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.

The regulatory functions of the Authority as provided by the Act and the regulations include; Licensing and supervising all the capital market intermediaries; Ensuring compliance with the legal and regulatory framework by all market participants; Regulating public offers of securities, such as equities and bonds & the issuance of other capital market products such as collective investment schemes; Promoting market development through research on new products and services; Reviewing the legal framework to respond to market dynamics; Promoting investor education and public awareness; and Protecting investors’ interest. For more information, please contact: Antony Mwangi, Head of Corporate Communications on This email address is being protected from spambots. You need JavaScript enabled to view it.

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