@TheStar

Express Kenya may be delisted from NSE over new takeover bid

7 Dec 2017 19:00

By: Vicor Amadala @it ...

Daniz Holdings, which owns up to 61.64 per cent stake in Express Kenya Limited, has applied for the full ownership of the listed forwarding and clearing firm.  In a takeover notice dated December 1, the firm declared its intention to buy the remaining 38.36 per cent of the ordinary shares in Express Kenya for cash consideration. Should the take-over be successful, it is the intention of Diniz Holdings to delist Express Kenya from the Nairobi Securities Exchange. ''The ordinary shares of Express Kenya will be acquired free from all liens, charges, encumbrances and other interests and together with all rights now and hereafter attaching thereto including the right to receive all dividends and distributions hereafter declared, made or paid,'' the notice read in part.  The take-over offer, which will be set out in an offer document in compliance with the Capital Market Authority statutory on take overs and mergers, will see Daniz Holdings buy 13,582,592 shares at a take-over offer price of Sh5 per share, translating to Sh74,704, 256.  Diniz Holdings Limited and Hector Robert Diniz indirectly own 21,392,898 shares via Etcoville Holdings Limited and 428,300 via Hector Robert Diniz which amounts to 21,821,198 shares or 61.64 per cent of the issued share capital. Etcoville Holdings Limited, Etcoville Investments Limited and Hector Robert Diniz are acting in concert with Diniz Holdings, the notice said.  Following the takeover announcement, the Nairobi Securities Exchange (NSE) was forced to suspend Express Kenya trading yesterday.  “The suspension was issued by the Capital Markets Authority pursuant to Regulation 22(2) (b) of the Capital Markets (Securities) (Public Offers, Listing and Disclosures) Regulations, 2002 and takes effect from December 4, 2017 until the authority otherwise directs,” NSE said in a statement.  Express Kenya's 35,403,790 shares had a capital value of at least Sh141 million on the Nairobi Securities Exchange (NSE) with its share trading at Sh3.75 before being suspended.  Express Kenya Limited provides clearing and forwarding services for air and sea, as well as warehousing and logistics services in Kenya. It operates through three segments: clearing and forwarding, warehousing and real estate.
Read More


Category: business

Suggested

16 hours ago, 14:50
@BusinessDaily - By: Bitange Ndemo
NDEMO: Digital wallet concept can boost farming

On the sidelines of TechCrunch Battlefield Africa in Lagos, Nigeria, on December 11, a new platform that utilises Artificial Intelligence (AI) and Machine Learning to predict crop yields was ...

Category: business opinion news corporate markets lifestyle
14 hours ago, 17:33
@BusinessDaily - By: Kevin J. Kelley
Kenya to be named ‘anchor’ of Trump’s Africa policy

Kenya is set to be named an “anchor” country when the Trump administration unveils its Africa policy on Thursday. ...

Category: business corporate news markets lifestyle
14 hours ago, 17:19
@BusinessDaily - By: Mary Wambui
Afia juice billionaire owner announces NSE listing plans

Kevian Kenya owner Kimani Rugendo has hinted at plans of listing the foods processor on the Nairobi Securities Exchange. ...

Category: business corporate news markets lifestyle
12 hours ago, 19:00
@BusinessDaily - By: Nasibo Kabale Ke ...
Households in coastal counties most satisfied with health

Kwale tops with households attributing it to improved equipment, more hospitals and hiring of more medics. ...

Category: business news corporate economy opinion markets
13 hours ago, 17:59
@BusinessDaily - By: Gerald Andae
Farmers to get e-vouchers for cheap fertiliser

Farmers will next year use e-vouchers to buy subsidised fertiliser from private agro-vet shops in a bid to curb corruption and offer growers quality input. ...

Category: business opinion news
15 hours ago, 16:19
@BusinessDaily - By: Winnie Atieno
Relief as Mtongwe ferry services back after more than two months

Mtongwe ferry services have resumed as tourists and local visitors flock to Mombasa for the Christmas festivities. ...

Category: business news lifestyle economy

@TheStar

Express Kenya may be delisted from NSE over new takeover bid

7 Dec 2017 19:00

By: Vicor Amadala @it ...
Daniz Holdings, which owns up to 61.64 per cent stake in Express Kenya Limited, has applied for the full ownership of the listed forwarding and clearing firm.  In a takeover notice dated December 1, the firm declared its intention to buy the remaining 38.36 per cent of the ordinary shares in Express Kenya for cash consideration. Should the take-over be successful, it is the intention of Diniz Holdings to delist Express Kenya from the Nairobi Securities Exchange. ''The ordinary shares of Express Kenya will be acquired free from all liens, charges, encumbrances and other interests and together with all rights now and hereafter attaching thereto including the right to receive all dividends and distributions hereafter declared, made or paid,'' the notice read in part.  The take-over offer, which will be set out in an offer document in compliance with the Capital Market Authority statutory on take overs and mergers, will see Daniz Holdings buy 13,582,592 shares at a take-over offer price of Sh5 per share, translating to Sh74,704, 256.  Diniz Holdings Limited and Hector Robert Diniz indirectly own 21,392,898 shares via Etcoville Holdings Limited and 428,300 via Hector Robert Diniz which amounts to 21,821,198 shares or 61.64 per cent of the issued share capital. Etcoville Holdings Limited, Etcoville Investments Limited and Hector Robert Diniz are acting in concert with Diniz Holdings, the notice said.  Following the takeover announcement, the Nairobi Securities Exchange (NSE) was forced to suspend Express Kenya trading yesterday.  “The suspension was issued by the Capital Markets Authority pursuant to Regulation 22(2) (b) of the Capital Markets (Securities) (Public Offers, Listing and Disclosures) Regulations, 2002 and takes effect from December 4, 2017 until the authority otherwise directs,” NSE said in a statement.  Express Kenya's 35,403,790 shares had a capital value of at least Sh141 million on the Nairobi Securities Exchange (NSE) with its share trading at Sh3.75 before being suspended.  Express Kenya Limited provides clearing and forwarding services for air and sea, as well as warehousing and logistics services in Kenya. It operates through three segments: clearing and forwarding, warehousing and real estate.
Read More

Category: business

Suggested

16 hours ago, 14:50
@BusinessDaily - By: Bitange Ndemo
NDEMO: Digital wallet concept can boost farming

On the sidelines of TechCrunch Battlefield Africa in Lagos, Nigeria, on December 11, a new platform that utilises Artificial Intelligence (AI) and Machine Learning to predict crop yields was ...

Category: business opinion news corporate markets lifestyle
14 hours ago, 17:33
@BusinessDaily - By: Kevin J. Kelley
Kenya to be named ‘anchor’ of Trump’s Africa policy

Kenya is set to be named an “anchor” country when the Trump administration unveils its Africa policy on Thursday. ...

Category: business corporate news markets lifestyle
14 hours ago, 17:19
@BusinessDaily - By: Mary Wambui
Afia juice billionaire owner announces NSE listing plans

Kevian Kenya owner Kimani Rugendo has hinted at plans of listing the foods processor on the Nairobi Securities Exchange. ...

Category: business corporate news markets lifestyle
12 hours ago, 19:00
@BusinessDaily - By: Nasibo Kabale Ke ...
Households in coastal counties most satisfied with health

Kwale tops with households attributing it to improved equipment, more hospitals and hiring of more medics. ...

Category: business news corporate economy opinion markets
13 hours ago, 17:59
@BusinessDaily - By: Gerald Andae
Farmers to get e-vouchers for cheap fertiliser

Farmers will next year use e-vouchers to buy subsidised fertiliser from private agro-vet shops in a bid to curb corruption and offer growers quality input. ...

Category: business opinion news
15 hours ago, 16:19
@BusinessDaily - By: Winnie Atieno
Relief as Mtongwe ferry services back after more than two months

Mtongwe ferry services have resumed as tourists and local visitors flock to Mombasa for the Christmas festivities. ...

Category: business news lifestyle economy
Our App