This archive report was first published on 18 July 2019.
On July 18, 2019, the Capital Markets Authority (CMA) granted an exemption to Hector Robert Diniz, the CEO of Express Kenya, from complying with Regulation 4 of the Capital Markets (Take-over and Mergers) Regulations 2002.
The exemption was granted due to an agreement between Express Kenya and its creditors, Airport Trade Centre and Diniz Holdings Limited, which belong to Hector Diniz. The agreement involved converting a debt of KSh80 million into 12.3 million additional shares in the listed logistics firm.
As a result of the debt conversion, Hector Diniz's ownership in Express Kenya increased from 61.64% to 71.86%. However, a notice issued by the CMA clarified that Hector Diniz does not intend to acquire the whole company.
