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Home Afrika delays results on accounting review

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Home Afrika chief executive Dan Awendo. FILE PHOTO | NMG

Nairobi bourse-listed real estate developer Home Afrika yesterday said it would delay release of its full year results for the period ending December 2018 due to ongoing possible restructuring.

The firm will now publish its results before 31 July 2019 after breaching the April 30 2019 deadline.

“The firm went out to seek ways of strengthening the capital base of the company to achieve its strategic objectives and a number of interests are currently under consideration,” Home Afrika’s chief executive Dan Awendo said in a regulatory notice.

“These efforts will have an impact on the financial statements and requisite disclosures to the shareholders and potential investors of the company and will therefore facilitate a better assessment of the company’s financial position.”

Chinese investor Zeyun Yang, the developer of Great Wall apartments in Machakos, last year became the single largest shareholder in Home Afrika after acquiring an 8.2 percent stake.