NAIROBI, Kenya, Sept 2 – A Mumias Sugar Company shareholder has asked the Capital Markets Authority (CMA) to explain why trading in the company’s shares has remained suspended for nearly seven years.
Taiti Hanningtone, through his lawyer, wants CMA to provide details on the status of the suspension, Mumias’ compliance with disclosure requirements and whether there is a clear path for the shares to resume trading or be delisted.
In a letter dated August 27, 2026, IC Law Advocates said the suspension had left shareholders unable to trade their investments while receiving limited information on the company’s regulatory status and future.
The law firm has asked CMA to explain when the suspension was first authorised, the law used to suspend the shares and the reasons for subsequent decisions to maintain or extend it.
It has also asked whether CMA has reviewed the reasons for the continued suspension and whether Mumias has met its obligations on financial reporting, material disclosures, corporate governance and communication with shareholders.
“Our client respectfully seeks clarification as to the extent to which the Authority has monitored and enforced Mumias’ continuing obligations throughout the period of suspension,” the lawyers said.
IC Law Advocates has also asked whether Mumias has submitted a proposal to resume trading and, if so, what conditions remain outstanding.
Under Regulation 75 of the Capital Markets (Public Offers, Listings and Disclosures) Regulations, 2023, a suspended issuer is required to submit a resumption proposal aimed at returning its securities to trading within 12 months of the suspension.
If a proposal is not submitted within that period, the securities exchange may seek to delist the issuer, subject to CMA approval.
Hanningtone also wants CMA to explain whether it has considered delisting Mumias under Regulation 74.
The law firm has further asked whether shareholders have continued to receive information and participate in annual general meetings and voting during the suspension.
The lawyers have given CMA 14 days from receipt of the letter to provide the requested information.
Mumias Sugar shares were suspended from trading at the Nairobi Securities Exchange on September 26, 2019.
