Marshalls East Africa shareholders have approved the proposed delisting of the company from the Nairobi Securities Exchange at the 68th Annual General Meeting held on 8 May 2017.
The motor vehicle dealer last month handed in the delisting proposal to Nairobi Securities Exchange on June 19 citing “a deteriorating business environment due to the influx of second hand cars and increased competition.”
Global Limited – the company’s majority shareholder with a 13.9% stake had offered to buy out shares of any minority shareholder who did not wish to remain in the unlisted entity at Sh 10.75. This represented a twenty five percent (25%) premium to the six month volume weighted average price of KSH 8.58 as at 30th March 2017.
Since the announcement was made, the company’s share price has rallied by nearly 10% and closed at Sh 9.30 on Tuesday’s trading session.
99.93% of Marshalls East Africa shareholders vote to Delist the company from Nairobi Securities Exchange (NSE) pic.twitter.com/Nr0h7OC2lb
— Kenyanwallstreet (@kenyanwalstreet) May 9, 2017
