Listed firm Express Kenya Limited has notified the public that it will delay publication of the 2020 end year financial statements.
Express Kenya joins a growing list of firms that have taken a hit from the COVID-19 pandemic effects and sought an extension from the Capital Markets Authority(CMA).
Express Kenya line of business
The firm’s primary business in logistics has continued to underperform due to lack of business, necessitating the scaling down of operations.
Critical staff of the firm have been advised to work from home where possible.
” Due to this, the company is unable to comply with the CMA rules and deadlines for the submission and publication of the full year audited results,” said the firm in a statement.
The Company has notified the CMA and sought for an extension of time to 31st May 2021 to allow for full compliance with the regulations and holding of its Annual General Meeting(AGM),” said the firm’s CEO Hector Diniz.
Express Kenya Limited provides clearing and forwarding services for air and sea, warehousing as well as logistics.
The firm operates through five divisions: sea freight, air freight, packing and removals, transport, and warehousing.
The Company has a fleet of movers, including trucks, small vans, trailers, low loaders, side loaders, cladded stainless steel tankers and forklifts.
It manages warehouses and operates through subsidiary companies, including wholly-owned Express Mombasa Limited, Container Services Limited and Airporter Limited.
The parent holding Company of Express Kenya Limited is Etcoville Holdings Limited.
The firm began the year with a share price of KSh3.61 and has since gained 21.05% on that price valuation, ranking it 3rd on the NSE in terms of year-to-date performance.
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