Clothing retailer Deacons announces listing plans

Clothing retailer Deacons has announced plans to list on the Nairobi Securities Exchange.

Ina a cautionary statement in the dailies, deacons says, subject to shareholder and regulatory approval, the company will be listed by introduction on the alternative investment market segment.

“The board of directors is hereby mandated to take all actions, make all applications and obtain all consents, approvals, authorizations and permissions required for this purpose,” Deacons said in a statement.

Listing by introduction offers companies a much easier path to listing with fewer requirements and restrictions.

Deacons’ ordinary shares are currently valued at Ksh 2.50.

The retailer has in the past shelved plans to list arguing the timing was not right.

Deacons announced 85.3 percent growth in net profits in 2015, which stood at Ksh 113.8 million compared to Ksh 61.4 million a year earlier.

Revenues for the year stood at Ksh 2.4 billion, boosted by a Ksh 64.9 million gain from the sale of its 49 percent stake in a joint marketing venture with Woolworths.