NAIROBI, Kenya, Feb 13 – The Capital Markets Tribunal has said that it will not proceed in hearing an appeal by Mihr Samir Thakar which challenged the decision of the Capital Markets Authority to suspend the trading of Kenya Airways PLC shares at NSE.
A memorandum of appeal dated January 16, 2024 by Thakar opposed the CMA decision of January 4, 2024, to extend the suspension of trading for the shares of KQ at the NSE for 12 months.
“Notice is hereby given on the extension of suspension from trading of Kenya Airways PLC shares. The extension of suspension seeks to enable the company to complete its operational and corporate restructuring process,” a notice from CMA read.
The court has, however, pointed out that it would “not be logical” to proceed with the appeal since the 12-month duration has already lapsed.
The court has further said that the resumption of Kenya Airways share trading at the Nairobi Securities Exchange renders the appeal moot and is hereby marked as overtaken.
It also said that each party involved in the case shall bear its own cost of the appeal since it would be “unfair” for the CMA or Kenya Airways to bear the cost of the appeal.
“Regardless of any further communication from the respondent, we have also noted that the extended period for the suspension was for period of 12 months with effect from 5th January 2024, a period that has since lapsed,” it said.
