advertisement

Markets

Express Kenya shares suspended as CEO Hector Diniz announces takeover bid

AN EXPRESS KENYA TRUCK. FILE PHOTO | NMG
AN EXPRESS KENYA TRUCK. FILE PHOTO | NMG 

Express Kenya Plc #ticker:XPRS shares were Monday suspended from trading on the Nairobi bourse after chief executive Hector Diniz made a takeover bid through his company.

A successful bid, subject to regulatory approvals and various conditions, will result in delisting of the logistics firm from the Nairobi Securities Exchange (NSE).

Diniz Holdings, an investment firm, has bid to acquire the 38.36 per cent stake held by other shareholders other than its affiliates for Sh5.50 a share

“The directors of Express Kenya Limited were on December 1, 2017, served by Diniz Holdings Limited (the offeror) with a notice of intention to acquire 38.36 per cent of issued shares of the company that’s not held by Etcoville Holdings Ltd and Hector Robert Diniz.

Notice

"The offeror is acting in concert with Etcoville Holdings Ltd and Hector Robert Diniz,” Express Kenya said in a notice to investors.

Mr Diniz, who owns both Diniz Holdings and Etcoville, said the offer price is a 48.65 per cent premium to the Sh3.70 closing price on November 30.

NSE Plc confirmed Express Kenya shares have been suspended from trading, with an effective notice set to be issued later today (Monday).

advertisement