Connect with us

Hi, what are you looking for?

Capital Business
Capital Business


CMC shares face further ban on bourse

NAIROBI, Kenya, Jan 25 – The Capital Markets Authority has extended the suspension of CMC Holdings Limited from trading at the Nairobi Securities Exchange (NSE) for another 21 days.

The extension takes effect on February 3 when the initial 90-day suspension expires.

While allowing the board of directors an opportunity to resolve disagreements at CMC, the Capital Markets Authority intervened by suspending trading of the company’s shares on the NSE to enable the investing public an opportunity to get a true picture of affairs at the auto-dealer.

Since then, the CMA conducted a preliminary investigation that led into a further comprehensive and independent forensic audit, while also facilitating several roundtable discussions between the board of directors and the management of CMC eventually resulting in unlocking the company operations.

CMA 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 and we are in the final phase and a report is expected to be submitted to the authority within a week’s time,” CMA Chief Executive Stella Kilonzo said.

She added that the authority is awaiting a report from forensic investigations commissioned by CMC to determine how the company contracted clearing and forwarding services.

“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,” Kilonzo noted.

The board of CMC is required by CMA to develop and implement strategies that will ensure its compliance with good corporate governance guaranteeing its proper function.

Advertisement. Scroll to continue reading.

Kilonzo reassured that the prime concern of the authority was to ensure that the overriding interests of the investing public are protected.

Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...