Nairobi Business Ventures (NBV), a Kenya-based company shoe, and leather accessories retail chain operating under the brand name KShoe shares have been suspended from trading at the bourse.
In a statement, the Nairobi Securities Exchange said the suspension is to “allow completion of the company’s restructuring’.
The loss-making leather accessories retail chain has been in talks with strategic investors and creditors looking to invest in the company.
“The talks are in advanced stages having met most conditions precedent for the purposes of the signed term sheet between the parties,” said NSE.
“All shareholders, investors and the general public are asked to take note of the suspension.”
The suspension from trading the company’s shares will remain in force for a period of one month with effect from October 14, 2020.
In March, Mr Vasu Abotula, Chief Executive Officer NBV on behalf of the Board said a strategic investor in the wake of declining shoe business in particular and retail business in general will “…guarantee the viability of the company for the benefit of the shareholders.”
It posted a net loss of KSh34.72 million in 2019, narrowing from a KSh76.53 million posted in the previous year.
