The Nairobi Securities Exchange-listed firms are opposed to the implementation of a special board to host companies facing financial or management trouble, further delaying the separation of distressed firms on the stockmarket after the approval of their trading rules.
The latest events have further been complicated by state-owned corporations such as Mumias Sugar Company and Uchumi Supermarkets, about which the National Treasury feels pushing them onto the recovery board would jeopardise ongoing efforts to revive them, according to people familiar with the matter that has been in the works for the past seven years.
