Kenya Power and Mumias Sugar Company will delay publishing their audited financial results as required by the Capital Markets Authority (CMA) regulations.
In a notice to the CMA and the Nairobi Securities Exchange (NSE), KP attributes the delay in publishing the results to the recent changes in the company’s senior management which has affected the preparation and finalisation of the annual statements of accounts.
Regulation 63(7) of the Capital Markets (Licensing Requirements) (General), 2002 requires public listed companies to report their results at the end of every financial year.
CMA has granted KP’s request to publish its audited annual financial statement not later than November 30, 2018.
Struggling Mumias Sugar Company in a separate notice also said that it is unable to meet the October 31 deadline and has sought the requisite permission from the CMA.
The regulator has granted the cash strapped sugar manufacturer a one month reporting deadline extension to November 30, 2018, the same date KP will be expected to publish its results.
“We wish to notify our shareholders and all interested stakeholders that due to unavoidable circumstances we will not be able to meet the CMA reporting deadline and we will therefore delay in our year end reporting and publishing of the June 30 audited financial results,” read the notice to CMA by Mumias.
The Mumias board attributes the delay to operational matters due to the financial woes facing the company.
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