The Nairobi Securities Exchange (NSE) has issued a public notice on the extension of suspension in trading of Athi River mining Cement shares following the placement of the firm under administration pursuant to section 534(1) of the Insolvency Act 2015.
“The extension of suspension was issued by the Capital Markets Authority pursuant to Regulation22 (2) of the Capital Markets (Securities) (Public offers, Listings and Disclosures) Regulations 2002.” reads the notice from NSE.
READ; Tanzania Cement Prices To Drop After Dangote’s 20-Year Deal with TPDC
The provision used by the CMA allows it to halt trading at the NSE if a company has been “placed under statutory management, receivership, liquidation or voluntary winding up.” The authority then takes the action aiming to protect the rights of creditors and financial business transactions.
The extension of suspension in trading of the company’s shares takes effect from 30th August 2018 and shall remain in force for a further 21 working days.
ARM was suspended last week on August 20, 2018, two days after its creditors formally appointed PwC to handle the administration exercise.
RELATED; Stanbic Bank’s huge exposure in ARM Cement’s Debt Portfolio
