NAIROBI, Kenya, Apr 11 – The Capital Markets Authority (CMA) has lifted the suspension of the East African Portland Cement Company (EAPCC) shares from trading at the Nairobi Securities Exchange (NSE) after a 60-day trading ban that started on January 17.
The suspension was designed to give EAPCC time to address all the outstanding corporate governance issues and boardroom wrangles facing the firm, while protecting the shareholders interests, particularly those with a minority stake.
The cement firm has been in the news since December 22 last year when accusations and counter accusations stemming from the suspension of the board by acting Industrialisation Minister Amason Kingi were played out in public.
While confirming the decision, CMA Chief Executive Officer Stella Kilonzo said on Wednesday that the authority was satisfied that the uncertainty surrounding the status of the company to execute its obligations has been largely addressed by the continued functioning of the company.
Kilonzo added that the mandates of the CMA were to ensure orderly trading activity in the market and safeguarding market integrity, with the objective of maintaining investor confidence in Kenya’s capital markets.