Atlas Group suspended from Nairobi Securities Exchange

Atlas Group suspended from NSE

Atlas Group has finally been suspended from the Nairobi bourse after its failure to resolve listing troubles in London for almost seven months.

The stock was frozen in Nairobi in October last year after it was suspended from trading at the London Stock Exchange (LSE) after its nominated adviser resigned.

Stifel Nicolaus Europe Ltd, the company’s London’s Alternative Investment Market (AIM )-nominated adviser and broker resigned and the firm was required to appoint a new one over the 30-day regulatory period but failed to do so.

“Subsequent with the halt the Exchange has continually engaged the company with an aim to resolve the issue of noncompliance... However, to date the issues leading to the halt remain unresolved,” the Nairobi Securities Exchange said Friday.

The firm that was listed at the NSE on December 17, 2014 has faced challenges that have left it struggling to survive, reporting losses and finding itself unable to pay its suppliers even as its share price plummeted to Sh1.05 by the time it was closed.

The firm shut down its Kenyan operations last year to focus on growing its Ethiopian business. However, its entry into Ethiopia through the acquisition of TEAP Glass turned problematic after the subsidiary was embroiled in a tax dispute.