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Deacons shareholders give nod to list on the NSE

by: Category: East Africa, Featured A+ / A-

By Steve Umidha

The shareholders of Deacons Kenya approved the listing of the Company’s shares by introduction subject to statutory and regulatory approvals from Capital Markets Authority (CMA) and the Nairobi Securities Exchange (NSE).

This was as a result of an undertaking in 2010 by the Company when it carried out a public offer and raised Shs 704.2M with the allotment of 11.2M new shares.

Deacons has submitted its application to list to the CMA and NSE for approval.

In addition, the shareholders approved a change of name to Deacons East Africa (Plc) in readiness for the listing exercise.

The shareholders also approved the payment of a final dividend of Kshs. 0.50 per share in respect of the full year 2015 results.

At the 43rd Annual General Meeting, Deacons Chairman, Mr Peter Gichuru Njoka, said, “We are pleased that the shareholders are supportive of the listing that will give them more flexibility to earn value from their shares.

The listing will increase liquidity of the shares and also give shareholders a trading mechanism. Additionally, listing on the NSE will make it possible for other investors in the region to share in our success and allow Deacons to tap into the capital markets, if required, in the future.”

Mr Muchiri Wahome the CEO of the Company said at the meeting “The Company is poised for continued growth in store footprint and introduction of new international brands.”

He explained that the increase in the supply of retail property coupled with the growth in the middle class segment was a great opportunity for the Company to continue providing relevant goods and services in the region.

The Company is trading successfully in Kampala, Uganda with the introduction of a second Mr Price store that includes the home offering and a Bossini store at the modern Acacia Mall.

In addition, the Company is at an advanced stage of relocating its Mr Price Apparel store to the upcoming Kigali Heights mall while introducing a Bossini store into that market.

Shareholders were informed of the launch of a new five year Business Strategy that would drive the business to a 60 store operation at the end of 2020.

The listing is being supported by Kestrel Capital as the transaction advisors; Coulson Harney as the legal advisors, Deloitte & Touché as the reporting accountants and Engage Burson-Marsteller as the Communication Agency.

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Business Journalist since 2009, has worked for Financial Post, Standard Media Group, Business Journal and People Daily Chief Editor at The African Business Fortune Magazine Hobbies: Singing, Interacting and Reading Comics
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