A closed Uchumi branch in Mombasa. FILE PHOTO | NMG
Debt-ridden retailer Uchumi has once again failed to publish its
financial results for the year ending June 2018 despite getting a
five-month extension of the publication deadline from the Capital
Markets Authority (CMA).
The Nairobi Securities
Exchange (NSE)-traded firm has also missed the February deadline for
publishing its results for the half year ended December 2018.
CMA
regulations require listed firms to prepare and publish their annual
and interim financial statements within four and two months of the close
of the financial periods respectively.
Efforts by the
Business Daily to seek an explanation for the further delay from the
chief executive officer Mohamed Mohamed were unsuccessful.
Failure
to publish financial results denies investors their right to know the
soundness and progress of a publicly-traded company.
Reviewing books
Last year, Uchumi said its auditors would start reviewing its
books this January in what would pave the way for publication of the
results by end of March.
Previously, the firm pointed
to its deep financial woes as the reason why it had not published its
results. The retail chain in October got a big relief after it obtained
court orders suspending all judgments, decrees, attachment of properties
or distress for rent claims against it.
Uchumi
disclosed that it is fighting a record 45 legal suits before the
magistrate’s courts, the High Court and Tribunals -all arising from its
inability to pay debts.
Over 30 companies have so far joined the winding up petition filed by Githunguri Dairy.
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