Marshalls exits Nairobi exchange after CMA approval

Marshalls (East Africa) Ltd has formally exited Nairobi Securities Exchange (NSE) following approval from the Capital Markets Authority (CMA).

The delisting from the Nairobi bourse took effect from June 20, a notice from NSE indicated on Wednesday.

“This follows the resolution by shareholders of the company to delist and the subsequent approval of the delisting by CMA. All shareholders of the company, investors and the general public are asked to take note of the delisting,” the notice read in part.

During the firm’s annual general meeting in Nairobi last month investors gave Gobal Ltd, a firm which then owned 13.9 per cent of the auto dealer, a go-ahead to buy out minority shareholders who did not wish to remain part of the delisted firm at a premium of Sh10.75 a share.

Gobal later upped its stake to 18.04 per cent ahead of the planned delisting.

The special resolution was passed by a majority of shareholders exceeding the minimum threshold of 75 per cent of security holders and without objection from at least 10 per cent of the shareholders.

Fourteen shareholders who collectively own 83.14 per cent had pledged to remain as investors after its delisting.