The East African Standard (Nairobi)
April 7, 2006
Furniture firm Hutchings Biemer could be de-listed from the Nairobi Stock Exchange (NSE), Chief executive Chris Mwebesa has said.
The company, which is listed on the commercial and services sector, has been suspended for over ten years.
"The direction Hutchings Biemer is taking is to get de-listed," said Mwebesa.
The key activities of the company include the sale of furniture and furnishing fabrics, furniture hire and property rentals. Its subsidiary companies are DÈcor Mombasa Limited, Intra Style Limited and Sonelux. The last share price that was recorded and which still reflects is Sh20.25.
On Thursday, Mwebesa said "it is not a bad thing for the market for Hutchings Biemer to be de-listed as long as minority interests were protected."
A major reason why the company could get de-listed is because it had broken one of the Capital Markets Statutory rules that make it mandatory for companies to make public their financial reports.
Last year, the firm was fighting a court battle with Barclays Bank of Kenya to prevent its properties attached over a Sh60 million debt.
In August 2003, another financial institution, Glad-AK Finance sued the firm's proprietor Ashok Mediratta over a loan of Sh15 million.
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