Shares of Mumias Sugar Company will not trade at the Nairobi Securities Exchange until March 2020 after the NSE trading suspension was extended by three months with effect from 27th December. The firm’s shares were suspended on 25th September after KCB Group placed the sugar miller under administration due to unpaid debts.
Efforts to bring back the company to life saw it layoff all workers on permanent contracts. Additionally, the company recently appointed Francis Wabuke as the acting General Manager.
Besides Mumias, the fashion retailer, Deacons East Africa will also stay out of trading for another three months following an extension of its shares’ suspension at the NSE.
Deacons has been in suspension since November 2018. The retail store appointed Peter Kahi and Atul Shah of PKF Consulting as joint administrators of the company after a prolonged period of financial turmoil.
According to a statement from the Nairobi Securities Exchange, Deacons’ Share suspension has been extended for three months with effect from 2nd December 2019.