Kenya’s Capital Markets Authority (CMA) has deferred approval of Ekaterra’s statement of intent to buy 100 per cent of Limuru Tea from other shareholders in Kenya.
In July, ekaterra Kenya proposed to make a cash offer to acquire up to 100 per cent of the ordinary shares in the capital of Limuru Tea Plc that are not already legally or beneficially owned by the offer.
However, a public notice said CMA has deferred consideration and approval of the Offeror’s statement until further notice.
“Shareholders of Limuru Tea and the investing public are advised to note that the timelines envisaged under the Take-over Regulations for the publication of the Offeror’s Statement and offer document remain suspended until further notice,” the notice reads in part.
“We will continue to appraise shareholders of developments. In the interim, shareholders and the investing public are advised to exercise caution when dealing in the shares of Limuru Tea.”
Ekaterra Tea Kenya Plc owns a 52 per cent stake in the Nairobi-listed Limuru Tea Plc. Limuru Tea owns 282 acres of tea plantations in Limuru.
ekaterra, hosts a portfolio of 34 tea brands, including Lipton, PG Tips, Pukka Herbs and TAZO and generated revenues of 2 billion euros (KSh250 billion) in 2020.
