Deacons Kenya Ltd (owns a chain of apparel and household retail stores in Kenya, Rwanda and Uganda) has announced plans to list by introduction on the Alternative Investment Market Segment of the NSE subject to regulatory approval by the Capital Markets Authority and the Nairobi Securities Exchange and subject also to shareholder approval. The timeline for the listing has not been announced.
The Group’s annual general meeting is scheduled for 5th May 2016. Deacon’s shares haveen trading in the OTC (Over The Counter) Market and have a par value of KES 2.50. In FY15, the Group’s after-tax profits stood at KES 113.75m (+85% y/y) mainly propped by 24% increase in sales to KES 2.4bn on account of opening of new stores in Kenya and Uganda and a KES 64.9m gain on sale of 49% shareholding in Woolworths Kenya Proprietary Ltd to Woolworths Holdings.
The Group’s total assets stood at KES 2.5bn as at December 2015. The Group has a total of 31 stores and said it plans to further launch four stores at the Two Rivers Mall and two stores in Rwanda.