Uganda Securities Exchange has suspended trading in shares of Uchumi Supermarkets for failure to observe listing obligations.
Through a public notice, the Uganda bourse said trading in the Kenyan-based cross-listed retailer would remain suspended until it fulfils the requirements of a listed public company under USE Rules of 2021.
“The problem of Uchumi has been its failure on disclosures of the company information and reporting obligations. We have found it prudent to suspend Uchumi in the interest of transparency and protecting investors in the market because they have a right to know how the company is performing,” Ms Salma N Katamba, the USE business development manager.
Uchumi closed its last trading day (Thursday, July 29, 2021) at Ksh 0.25 per share on the Nairobi Securities Exchange (NSE).
The retailer began the year with a share price of Ksh 0.28 but has since lost 10.7% off that price valuation, ranking it 49th on the NSE in terms of year-to-date performance.
Uchumi was one of the first Kenyan companies to cross-list on the USE, listing on the USE on November 13, 2013, with 265,614 ordinary shares.