Home ECONOMY Express Kenya Investors agree to convert KSh80 million debt into equity

Express Kenya Investors agree to convert KSh80 million debt into equity

by biasharadigest

Shareholders of Express Kenya unanimously agreed to convert KSh80 million debt owed by the firm into equity. The company involved in Transport and Logistics, Clearing and Forwarding, Warehousing, and Real Estate owed KSh42 million to Airport Trade Centre Ltd and KSh38 million to Diniz Holdings Ltd.

It is said that the two companies Airport Trade Centre Ltd and Diniz Holdings belong to Express Kenya CEO Mr. Hector Diniz.

In December 2017, Diniz Holding expressed interest in acquiring the 38 per cent minority stake in Express Kenya, at a 10 per cent premium but the deal failed to go through.

At the investors’ meeting held on 6th June, 68 shareholders voted in favour of the conversion of debt into the ownership of the company. The two firms received 12.31 million shares valued at KSh 6.50 per share. Airport Trade Centre received 6.46 million shares while Diniz Holdings bagged 5.85 million shares. Express Kenya shares traded at KSh6.16 per share on 7th June.

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