The units of ILAM Fahari real estate investment trust have continued trading on the Nairobi Securities Exchange (NSE)'s main investment market segment as its delisting remains pending.
On Wednesday, the counter registered a turnover of Sh27,090 with 4,300 units traded at a Sh6.30 each.
The property fund was set for delisting on December 4 following a restructuring exercise that raised the threshold of unit holders to professional investors with a minimum investment of Sh5 million.
The Reit manager ICEA Lion Asset Management, through CEO Einstein Kihanda said it was yet to have a date for delisting from NSE’s main bourse.
On November 24, the Reit’s unit holders approved the proposed operational restructuring and delisting from the main investment market segment of the NSE.
The unit holders also cleared the Reit manager to take all necessary actions for conversion and delisting with the units being set for listing on the unquoted securities platform.
Delisting from the NSE was expected to provide ICEA with greater flexibility in managing the Reit’s portfolio by allowing a more focused investment strategy, aligning with the evolving needs of the unit holders.
“This special resolution marks a pivotal moment in our journey towards the growth of the Reit. The unitholders have reaffirmed their commitment to the management to pursue the growth and expansion plan. This decision paves the way for strategic acquisitions and a solid financing strategy,” Mr Kihanda stated following the approval. The remaining non-professional investors were expected to be bundled into a nominee account following the conversion.
ICEA noted earlier that it would consider relisting on the NSE after three years upon successfully implementing its strategy.
The Reit was listed on the NSE in November 2015 after raising Sh3.6 billion in capital. Its portfolio includes Greenspan Mall, 67 Gitanga Place, Bay Holdings and Highway House.
