Deacons East Africa shares suspended for 10 more days ahead of creditors meeting

Deacons East Africa’s Joint Administrators To Seek its Liquidation

Kenya’s Capital Markets Authority has extended the suspension of Deacons East Africa shares at the bourse for 10 days ahead of the creditors meeting set for Tuesday.

“Notice is hereby given on the extension of suspension from trading Deacons EA Plc shares following the appointment of Joint Administrators by the Board of the company to run its business in accordance with the insolvency act of No. 18 of 2015,” the NSE said in a statement on Thursday.

“The extension of suspension from trading the company’s shares is for a further 10 working days with effect from January 18, 2019.”

Creditors of fashion retailer meet on January 22 and will vote on proposals by the firm’s administrators on the way forward.

“Notice is hereby given of the first meeting of creditors requested by the joint administrators of Deacons East Africa (Under Administration). The meeting will be held on Tuesday, the 22nd day of January 2019 at 10:00 Hrs,” reads part of the notice.