Express Kenya CEO buyout plan halts shares trading

Express Kenya Chief Executive Hector Robert Dinis is set to acquire the firm by buying 38.36% of the issued shares currently held by Etcoville Holdings Limited.

Further details will be made available to shareholders in accordance with the Capital Markets take-over and mergers Regulations.

Meanwhile, the Nairobi Securities Exchange has suspended the trading of the firm following the takeover plans.

“The suspension was issued by the Capital Markets Authority pursuant to Regulation 22(2) (b) of the Capital Markets (Securities) (Public Offers, Listing and Disclosures) Regulations, 2002 and takes effect from December 4, 2017 until the Authority otherwise directs,” NSE said in a statement.

Express Kenya Limited provides clearing and forwarding services for air and sea, as well as warehousing and logistics services in Kenya.

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It operates through three segments: Clearing and Forwarding, Warehousing, and Real Estate.

The company transports goods within Kenya, as well as within the COMESA region, including countries, such as South Sudan, North Sudan, Ethiopia, Zambia, Zimbabwe, Uganda, Tanzania, Rwanda, Burundi, and the Congo

Express Kenya operates a fleet of approximately 80 movers consisting of trucks, small vans, trailers, low loaders, side loaders, cladded stainless steel tankers, and forklifts.

In addition, the company provides connections and transportation links for cargo, as well.