BOC Kenya is reported to want a rapid end brought to the ongoing dispute it has with Capital Markets Authority (CMA) over its intended takeover of the Kenyan carbon dioxide company, Carbacid Investments Limited.
BOC claims it has suffered great loss since its shares were suspended from the Nairobi Stock Exchange in December 2005 on account of the intended takeover of Carbacid Investments. The firm has sought to have an appeal by the market regulator heard and determined $quot;within the shortest time possible$quot;.
The firm's lawyer, Mr Evans Monari, commented, $quot;Since the suspension of the respondent's (BOC) shares, the respondent's shareholders have also suffered loss in that they have been unable to trade using their shares.$quot;
Following its removal from the list of 20 blue-chip companies, the firm claims it has lost out in the 2006-2007 stock market boom and business clout. It is also claimed that further losses would be incurred if the appeal was not concluded swiftly, with CMA's appeal automatically stopping any dealings in the shares.