Kenya's Carbacid Investments this week called on the country's market regulator to lift a suspension of its shares, following the long-running takeover attempt by rival BOC Gases.
Shares in Carbacid, a carbon dioxide gas producer, and BOC Gases were suspended from the Nairobi bourse in late 2005 after the regulator, the Capital Markets Authority (CMA), ruled against the takeover deal.
Contention over both the takeover and the suspended shares has reigned ever since, in what appears to become a long-running and drawn-out saga. Not for the first time, pleas have again been made for the issue to reach its conclusion.
$quot;It is unreasonable for the shares of two listed companies with thousands of shareholders in a securities exchange of the size of the Nairobi Stock Exchange (NSE) to remain suspended,$quot; Carbacid's board said in a statement reported by Reuters news agency.
Carbacid said its pre-tax profit for the half-year ended in January jumped 40% to $1.91m, attributing the improvement to a 43% rise in sales.