Ratio Magazine :: The Inside Track to East Africa’s Economies - Kenya: Press Releases: CMA Extends Suspension of Trading of CMC Holdings Limited Shares

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Kenya: Press Releases: CMA Extends Suspension of Trading of CMC Holdings Limited Shares

Thursday, 26 January 2012

Nairobi, 25 January 2012 --- The Board of the Capital Markets Authority (CMA) has resolved to extend the suspension of the trading of the shares of CMC Holdings Limited from trading at the Nairobi Stock Exchange for a further period of 21 trading days after the expiry of the 90 trading days’ suspension that expires on Thursday, 3 February 2012.

Mrs. Kilonzo said: ‘’In mid-September last year, the Authority provided the Board of Directors an opportunity to resolve board disagreements at CMC Holdings (CMCH), which is a listed company at the Nairobi Securities Exchange (NSE). In fulfilling its mandate of protecting the investors in the company, especially the minority shareholders, the Authority suspended the trading of CMCH’s shares on the Nairobi Securities Exchange on 27 September 2011, pursuant to section 11(3) (cc) (iv) of the Capital Markets Act.’

Mrs Kilonzo stated that in providing the Board of Directors an opportunity to resolve Board disagreements at CMC Holdings (CMCH), the Authority had:

Suspended trading of the company’s shares on the Nairobi Securities Exchange and to give the investing public an opportunity to have a true picture of the company’s affairs subsequent to investigations commissioned by the CMA;
Conducted a preliminary investigation which necessitated a further comprehensive and independent forensic investigation;
Facilitated several round table discussions between the Board of Directors and the management of the CMCH, which led to unlocking the operations of the company; and
Made presentations to the to the Kenyan court clarifying matters with regard to the requisitioned extraordinary General meeting (EGM) which led to the maintenance of the status quo prior to the EGM requisition and pending investigations.

Mrs. Kilonzo observed that the Authority had appointed Messrs. Webber Wentzel (South Africa) to conduct independent forensic investigations into financial operations of the company.

‘The investigations are progressing well and significant ground has been covered. We are in the final phase and a report is expected to be submitted to the Authority within a week’s time.’ Additionally, Mrs Kilonzo observed that the CMC Holdings Limited had commissioned forensic investigations targeted at the contract of the company with regard to clearing and forwarding services. ‘We understand that this investigation has now been completed and the Authority expects to receive the report shortly from CMCH.’

‘The Authority wishes to assure investors that the lifting of suspension from trading of CMCH’s shares at NSE will be considered upon the conclusion of the review of the investigation reports, which the Authority expects to receive shortly’’ Mrs Kilonzo further emphasized.

Mrs Kilonzo further stated that the Board of CMC Holdings Limited was required to develop and implement strategies that will lead to adherence to good corporate governance to ensure proper functioning of the Board.

The Chief Executive reiterated that the prime concern of the Authority was to ensure that the overriding interests of the investing public are protected. She further thanked all stakeholders for their cooperation during this period.

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