- Advertisement -

Atlas shares suspended from trading

- Advertisement -

Loss-making firm Atlas African Industries Ltd was today suspended from trading after its nominated advisor (Nomad), Stifel Nicolaus Europe Limited, resigned for undisclosed reasons.

The firm, which is dual-listed on London’s Alternative Investment Market and Nairobi Securities Exchange’s Growth Enterprise Market Segment, said the suspension will continue until it hires a new Nomad.

Among other roles, a Nomad advises its clients on their listing obligations including compliance with the Capital Markets (Securities, Public Offers, Listing and Disclosure) Regulations, 2002.

“If a replacement Nomad is not appointed within one month of today’s date, admission of the company’s shares to trading on AIM will be cancelled,” Atlas said in a statement Monday.

It was not immediately clear whether the suspension also applies to the NSE. A single trade of 300 shares had gone through a few minutes before the NSE circulated the Atlas announcement at 9:40 a.m., according to data vendor Rich Management.

The loss-making firm has had a troubled short history since listing on the Nairobi bourse in December 2014, losing money as it transformed from an oil and gas logistics firm in Kenya to a glass bottle manufacturer in Ethiopia and finally to buying a stake in a Nigerian betting firm.

Its share price, currently at Sh1.05, represents a major rout from the listing offer price of Sh11.5.

[crp]

- Advertisement -
BUSINESS DAILY
BUSINESS DAILYhttp://www.businesstoday.co.ke
Business Daily is Kenya's only daily business newspaper published by the Nation Media Group. The newspaper, launched in March 2007, is published from Monday to Friday, with the Friday edition circulating over the weekend. It is based at the Nation Centre in Nairobi.
- Advertisement -
Must Read
- Advertisement -
Related News
- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here