NAIROBI, KENYA: On 20 November 2018, clothing retailer Deacons East Africa was suspended from trading on the Nairobi Securities Exchange after insolvency concerns pushed the company into administration.
The firm said it had appointed Peter Kahi and Atul Shah of PKF Consulting as joint administrators after falling into financial distress. The move placed the retailer under formal administration as it struggled with a cash crunch.
The Nairobi Securities Exchange said the Capital Markets Authority had ordered the suspension of Deacons shares from trading starting 19 November 2018. The restriction was to remain in force for 40 working days.
Deacons became the second company to face such action in 2018. In August, regulators had already suspended Athi River Mining after that company was also placed under administration.
