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Kenya

NSE Extends Suspension of NBV from Trading on the Bourse Untill November 30

NAIROBI, Kenya, Nov 17- The Nairobi Securities Exchange has extended the suspension of Nairobi Business Ventures from trading on the bourse until 30th November 2020.

The extension of suspension was approved and issued by the Capital Market Authority.

NSE through a statement said the extension is meant to give NBV time to complete its restricting exercise on some of its operations.

“Notice is hereby given on the extension of suspension from trading of Nairobi Business Ventures Limited shares,” reads the notice.

“The extension of the suspension is to allow for the completion of the company’s restructure exercise which includes a share split, allotment and issuance of shares to Delta International FZE (Delta) and subscription agreement between NBV and Delta,” it added.

NBV Limited deals in the sale of shoes and leather accessories.

The firm’s shareholders had recently approved a Sh83 million investment by Dubai-based Delta International FZE.

The shareholder approval of the Sh83 million investment will result in Delta International FZE owning an 84 percent stake in NBV, pending all regulatory approvals.

They also approved splitting the shares into two which should result in greater liquidity in the stock.

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The shareholder approval now paves the way for NBV to venture into new businesses including trading and the manufacturing of sustainable products.

The investment will additionally result in the creation of 415 million new shares tradable on the Nairobi Securities Exchange (NSE).

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