NSE Suspends Express Kenya Shares CEO Applies For Take-Over

Express Kenya Plc (NSE:XPRS) shares have been suspended from trading on the Nairobi bourse Daniz Holdings, which owns up to 61.64 per cent stake applied for the full ownership.

“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.

In a takeover notice dated December 1, Express Kenya 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.

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.