The Nairobi Securities Exchange( NSE) has extended the suspension of Nairobi Business Ventures(NBV) from trading at the bourse.
“The extension is to allow for completion of the company’s restructuring process that includes a share split, allotment, and issuance of shares to Delta International FZE( Delta), and a subscription agreement between NBV and Delta,” said NSE in a notice issued on 16th November 2020.
Listed on the Growth and Enterprise Market Segment of the NSE, under the Commercial and Services Sector, NBV remains suspended from the trading floor of the NSE until 30th November, 2020.
Other firms suspended at the NSE, for a variety of reasons, include Deacons, Athi River Mining, Kenya Airways, National Bank of Kenya and Mumias Sugar Company.
NBV Limited deals primarily in the sale of imported leather shoes and leather accessories which are rebranded under the name KShoes (previously ‘Kwanza’ shoes).
The shoes and accessories are imported from China and India and rebranded for the Kenyan domestic market.
The listed firm has six retail outlets selling KShoes in prime locations in Nairobi. The company has ventured into manufacturing its own leather products and has embarked on an accelerated expansion drive which will see it roll out more than 25 stores over the next five years.
At the time of suspension, NBV shares were trading at KSh 0.71 each with a market capitalization of KSh 27.6 Million with 38,600,000 shares issued.