East African Portland Cement shares reinstated, Kenya

East African Portland Cement shares reinstated, Kenya
12 April 2012

Kenya's Capital Markets Authority has re-admitted shares of East African Portland Cement after a two-month suspension, saying doubts about the firm's ability to run its business had been quashed by continuous operations over the period.

The shares had been suspended from trading on 17 January, to protect shareholders from a dispute between its board and the government, a 25 per cent shareholder that wanted to dissolve the board, citing an improper tender process for clinker.

The High Court later ruled the government had no power to order the board's dissolution.

"The Authority was satisfied that the uncertainty surrounding the status of the company to execute its obligations has been largely addressed by the continued functioning of the company," the regulator said in a statement issued late on Wednesday. (Source: Reuters).

Published under Cement News