Express Kenya to delist from the NSE after years of loss making

Tuesday December 5 2017

An Express Kenya trailer transporting EABL

An Express Kenya trailer transporting EABL products. The firm’s troubles started way back in 2011 after the regional beer maker East African Breweries Ltd (EABL) terminated its distribution contract and replaced it with DHL. PHOTO FILE | NATION 

By JAMES ANYANZWA
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Troubled transport and logistics firm Express Kenya Limited plans to delist from the Nairobi Securities Exchange (NSE) after several years of loss making and falling shareholder value.
As a result the Capital Markets Authority (CMA) has suspended the trading of the firm’s shares on the exchange with effect from December 4 2017.
The logistics firm said Monday it will cease trading at the NSE following a successful acquisition of 38.36 per cent of its ordinary shares by investment firm Diniz Holdings Ltd.
The transaction which is still subject to shareholder and regulatory approvals is valued at KshKsh74.7 million ($747,000).
It involves the sale of 13.58 million shares at an offer price of ksh5.50 ($0.05).
Express Kenya’s net losses widen last year (2016) at Ksh96.93 million ($969,300) compared to a loss of Ksh60 million ($60,000) in the previous year (2015), with a negative wor