CMA said the 12-day freeze on trade will facilitate reconciliation of the shares which have been tendered for purchase by the French multinational for Sh23 per piece. “The suspension from trading of the company’s shares will remain in force until March 11, 2019,” the Nairobi Securities Exchange (NSE) said in a note to investors. Rubis initially bought 367.7 million shares, or a 23.72 percent stake, in KenolKobil in the open market on October 23, 2018 and thereafter made an offer to buy the rest of the shares. Rubis needed to its stake in KenolKobil to at least 75 percent to achieve its goal of de-listing the firm from the NSE. Trade in KenolKobil shares have slowed sharply from 9,275,800 units last week on Wednesday to 39,500 on Thursday, 29,300 on Friday and 15,300 on the final day of the offer last Monday, market statistics show.

Source: Daily Nation February 22, 2019 04:30 UTC