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Sixteen listed firms fail to issue investor calendars
The Capital Markets Authority (CMA) encouraged companies to make their calendar publicly available through their websites and other communication channels.
Sixteen listed firms are yet to issue investors with a forward-looking events calendar for 2025, a month from the January 10 deadline.
A spot-check of listed firms’ investor relations pages and the Nairobi Securities Exchange (NSE) investor calendar webpage as of Tuesday afternoon shows that 46 of the 62 listed entities have made the voluntary disclosure with the rest being mostly suspended companies.
The 16 firms yet to make their corporate action calendar public include BK Group, HF Group, Deacons, Eveready, Homeboyz Entertainment, Nairobi Business Ventures and Standard Group.
Others are TPS Eastern Africa, Uchumi, ARM Cement, Bamburi Cement, East African Portland Cement, Kenya-Re, Kurwitu Ventures, Flame Tree and Africa Mega Agricorp (formerly Kenya Orchards).
The disclosures are, however, voluntary implying that the 16 firms will not be facing sanctions from the Capital Markets Authority (CMA) for non-compliance.
The firms will keep their stakeholders including shareholders in the dark, constraining their ability to respond to unexpected corporate announcements including share price movements.
All issuers are now required to develop and submit a forward-looking calendar of corporate announcements.
The calendar details all upcoming corporate events, along with their tentative dates.
Britam Holdings Plc 2025 corporate events calendar for instance shows the dates for the publication of the 2024 results and an expected virtual investor briefing, the date for its virtual annual general meeting (AGM), and the release of its 2025 half-year results.
“The main aim is to provide investors with a clearer view of forthcoming corporate actions, enabling them to make more informed decisions and contributing to greater market predictability and stability,” The CMA said in a joint circular with the NSE last year.
Issuers were asked to submit their calendars for the remainder of 2024 by September 16 and the calendar year for 2025 by January 10.
The CMA encouraged companies to make their calendar publicly available through their websites and other communication channels.
CMA and the NSE are backing the initiative to create market efficiency and bolster investor confidence by enhancing transparency and improving communication between issuers and investors.
The NSE says it has furnished listed companies with guidance on the requirement and has begun publishing a list of firms that meet the requirement.
“Just to confirm to our stakeholders, we have issued a guidance to all listed companies that they should share these calendars with the exchange beforehand,” said NSE Head of Trading, Data and Analytics David Wainaina.
“Starting this quarter, we should be able to share with investors the calendars- that should be the practice going forward.”
Some unlisted entities, but with relationships with the Nairobi bourse through the issuance of corporate bonds, have also issued corporate action calendars including the Kenya Mortgage Refinancing Company and Real People Kenya Limited.
Investor calendars listing upcoming meetings and the financial results for a company are usually a standard practice in most developed markets such as the America.
