Logistics firm Express Kenya’s #ticker:XPRS net loss for the period to June 2018 narrowed by 15 per cent to Sh22.5 million against the backdrop of a complicated recovery situation.
The firm, currently under pressure to spell out a recovery strategy, is also choking on Sh50.5 million short-term debts, according its unaudited half-year financial results published on Thurday.
Express Kenya’s troubles started in 2011 when East African Breweries Limited, then its biggest client, gave DHL a lucrative contract to handle distribution of the brewer’s brands in the region, kicking the firm out of the deal.
The company’s board is now seeking a fresh route to resolve its cash crunch following Express chief executive Hector Diniz’s failed bid to buy out the company in July.
Mr Diniz, who owns a 61.64 per cent stake in the company, announced the flop of the buyout deal after receiving the backing of shareholders with a 9.78 per cent interest.