Controversy-ridden motor dealer CMC Holdings has officially been delisted from the Nairobi Securities Exchange effective February 11 this year.
This follows the takeover of the company by a subsidiary of the United Arab Emirates’ largest operating conglomerate, the Al Futtaim Group.
The motor dealer’s stock has been suspended since September 2011 when claims of fraud and bad governance erupted in the wake of a boardroom battle.
CMC Holdings, which is valued at about Sh7.5 billion, operates through wholly owned subsidiaries CMC Motors Group Ltd, Cooper Motor Corporation (Uganda) Ltd, Hughes Motors (Tanzania) Ltd and Hughes Agriculture (Tanzania) Ltd.
Other firms that have delisted from the NSE in recent years include Access Kenya, the African Lakes Corporation (Africa Online) and Unilever Kenya.
Currently, agricultural firm Rea Vipingo is awaiting conclusion of court cases before a takeover decision can be made on its plans to delist.