Uchumi has also missed the February deadline for publishing its results for the half year ended December 2018.
Failure to publish financial results denies investors their right to know the soundness and progress of a publicly-traded company.
Debt-ridden retailer Uchumi #ticker:UCHM has once again failed to publish its financial results for the year ending June 2018 despite getting a five-month extension of the publication deadline from the Capital Markets Authority (CMA).
The Nairobi Securities Exchange (NSE)-traded firm has also missed the February deadline for publishing its results for the half year ended December 2018.
CMA regulations require listed firms to prepare and publish their annual and interim financial statements within four and two months of the close of the financial periods respectively.
Efforts by the Business Daily to seek an explanation for the further delay from the chief executive officer Mohamed Mohamed were unsuccessful.
Failure to publish financial results denies investors their right to know the soundness and progress of a publicly-traded company.
Reviewing books
Last year, Uchumi said its auditors would start reviewing its books this January in what would pave the way for publication of the results by end of March.
Previously, the firm pointed to its deep financial woes as the reason why it had not published its results. The retail chain in October got a big relief after it obtained court orders suspending all judgments, decrees, attachment of properties or distress for rent claims against it.
Uchumi disclosed that it is fighting a record 45 legal suits before the magistrate’s courts, the High Court and Tribunals -all arising from its inability to pay debts.
Over 30 companies have so far joined the winding up petition filed by Githunguri Dairy.
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