Fashion retailer Deacons East Africa Plc shares have been suspended from the Nairobi Securities Exchange until 30 November 2019.
“Notice is hereby given on the extension of suspension from trading of Deacons EA Plc shares following a proposal from the joint administrators to appoint an Independent Transaction Adviser, subject to the company trading at a profit by September 30, 2019 and thereafter agreeing on an actionable timetable in the turnaround process,” statement issued by NSE noted.
The Capital Markets Authority (CMA) granted the joint administrators request for more time to appoint an Independent Transaction Adviser and ultimately agree on an actionable timetable in the turnaround process.
In January, Deacon’s joint administrators Peter Kahi and Atul Shah of PKF Consulting struck a deal with shareholders and creditors to allow them more time to identify a strategic or a financial investor that would recapitalise the fashion retailer.
