NSE suspends Deacons shares after administrators take charge of troubled retailer
1 months ago, 19 Nov 12:30
NAIROBI, Kenya, Nov 19 – The Nairobi Securities Exchange has suspended the trading of shares of Deacons due to financial constraints that have led to the fashion retailer being placed under administration.
The suspension of Deacon’s shares for 40 days effective immediately will allow the joint administrators appointed to the Deacons Board to run its business according to the Insolvency Act.
The Deacons Board on Sunday appointed Peter Kahi and Atul Shah of PKF Consulting Limited as joint administrators following a string of below-par financial results that saw the retailer declare a loss of Sh229 million for the first six months of 2018.
Deacons Chief Executive Officer Muchiri Wahome said that as a result of the financial difficulties being faced by the company, “it is in the best interest of the company and its creditors for the directors to place the company into administration.”