Nairobi Business Ventures(NBV), a former shoe distributor company, had their shares trading suspended from Nairobi Securities Exchange. The suspension was to allow for the completion of the firm’s buyout deal.
The suspension lasted for half a month between Nov. 16th and Nov. 30th. During that period, the NBV company underwent acquisition and restructuring. The buyout exercise of the company by Delta International FZE entailed equity split, allotment, and issuance to Delta company.
The company spent Kshs 83 million to acquire the 84% stake in the NBV. The existing NBV shareholders remain with 16% company ownership.
Upon the conclusion of the buyout deal amounting to Kshs 83 billion by Dubai based company Delta, the Capital Markets Authority, has lifted the suspension. Delta, the Dubai-based company, acquired listing status, which will allow it to access more capital. Delta will automatically be listed in the NSE following the 84% stake in the Nairobi Business Ventures.
The company will shift to the production of cement and other ventures. Nairobi Business Ventures was one of the leading shoe retailers in Kenya. They imported shoes from India and China and sold them in the country. Notably, the shoe company’s acquisition came when it incurred losses amounting to Kshs 34.72 million.
Delta owns several other investments, including Shreeji Chemicals.