Athi River Mining company (ARM) was dealt a blow today after the Nairobi Securities Exchange (NSE) extended its suspension from the market for 75 more days.
The company was suspended from the market on August 20, after it was placed under administration on August 18.
United Bank of Africa (UBA), one of ARM’s creditors appointed PricewaterhouseCoopers’ (PwC) Muniu Thoiti and George Weru as joint administrators.
“The extension of 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 October 29, 2018,” read the statement in part.
ARM owes creditors more than Ksh14.4 billion, and the administrators are crafting ways to return the company to profitability.
This is the second time the company’s suspension is being extended at the stock exchange market.
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