THE STANDARD
BUSINESS
Crown Paints Group Vice-Chairman Hussein Ramji attend the virtual 63rd annual general meeting.
Crown Paints Plc will use the Sh711.80 million being raised via the rights issue to salvage its subsidiaries in Uganda, Rwanda and Tanzania, which the paint and coating firm revealed are struggling with debt.
Just a year after the company wrote off Sh653 million it had invested in its subsidiaries in Uganda and Tanzania, the Nairobi Security Exchange (NSE) listed firm has now turned to its shareholders for more capital.
The company did write off Sh374 million for Crown Paints Tanzania and Sh278 million for Regal Paints, its Uganda subsidiary. The rights issue will see shareholders of the company allowed to purchase additional shares.
THE STANDARD
NEWS
NAIROBI, KENYA: Shareholders of Kenya Reinsurance and ScanGroup will have to wait longer to know the financial health of the firms, which have announced they will delay the release of last year s results. The firms were expected to announce the financials by the end of last month as per the Capital Markets Authority regulations.
In newspaper notices, both Kenya Reinsurance and Scangroup, say they will release the results by end of May. The firms join Crown Paints, which also alerted shareholders and investors to expect the results before June 15 of this year.
Kenya-Re’s Company Secretary Charles Kariuki attributed the delay to a change in actuarial valuation methodology, in respect to unearned premium reserves and claims reserves to an approach recommended by the Insurance Regulatory Authority.
THE STANDARD
MONEY & CAREERS
Crown paint Group Chief Executive officer, Rakesh Rao [PHOTO: Omondi Onyango]
NAIROBI, KENYA: Crown Paints has warned it would delay the release of its 2020 full-year financial results by over a month.
The firm was expected to release the results by end of April as per the rules of the Capital Markets Authority (CMA).
“The delay in finalisation of the audited financial statements has been occasioned by the difficult circumstances brought about by the Covid-19 pandemic and especially the various measures restricting movement put in place by the Kenya, Uganda and Rwanda governments,” said Conrad Nyukuri, Company Secretary.