The Capital Markets Authority has relaxed disclosure obligations for companies trading on the Nairobi Securities Exchange. Listed firms will no longer have to publish their financial results in two newspapers of national circulation as previously required. The change will remain in place until 30th June 2020.
However, the companies should publish all the required disclosures on their websites and social media platforms. Additionally, the businesses will post the reports on the CMA website and the NSE website where all market participants can access the information.
CMA has also extended the reporting deadline by one month. Therefore, companies that were required to publish their financials by 31st March will have an additional 30 days to release their results. Similarly, businesses that post results by 30th April have until the end of May.
The new directive will apply to listed banks and other companies that are yet to publish their 2019 financial statements. I&M Holdings and HF Group Plc are the only two listed Kenyan banks that are yet to publish their 2019 financial reports.
The regulator has made the changes in response to the ongoing events that have affected listed companies.