Express Kenya shares resume trading on NSE after 3-month Suspension

In a public notice, the Nairobi Securities Exchange (NSE) has announced that Express Kenya PLC’s suspension from trading was lifted effective 5 March 2018 after approval by the Capital Markets Authority on 2 March 2018.

The suspension of trading was executed on 4 December 2017 to allow the takeover of  Express Kenya PLC by Diniz Holdings Limited. Diniz, which also offers clearing and forwarding services, offered to acquire 38.36 percent in Express Kenya’s ordinary shares at a price of Sh5.50 per share in a notice.

“The Take-Over offer will be set out in an offer document (“Offer Document”) that complies with the Capital Markets (Take-overs and Mergers) Regulations, 2002 (“Take-over Regulations”) and will include a timetable for the transaction by which shareholders of Express Kenya will be able to accept the take-over offer within 30 days of the issue of the Offer Document or such longer period as may be approved by the Capital Markets Authority (CMA),” Diniz Holdings stated.

At the time of the notice of intention to make a takeover offer, Express Kenya’s issued shared capital was 35,403,790 ordinary shares while Diniz Holdings Limited and Hector Robert Diniz indirectly owned 21,392,898 shares through Etcoville Holdings Limited (Express Kenya’s parent organization) and 428,300 through Hector Robert Diniz which added up to 21,821,198 shares (61.64 percent) of the issued share capital.

Express Kenya PLC is involved in clearing and forwarding services, real estate, and warehousing. The company also provides logistical services within Kenya and within the COMESA region in countries such as Uganda, Rwanda, South Sudan, Burundi, Sudan, Tanzania, Zambia, Ethiopia, and Zimbabwe.