ILAM Fahari I-REIT delists from NSE’s main segment

Tuesday, February 6th, 2024 12:03 | By
Nairobi Securities Exchange. PHOTO/@NSE_PLC/X

ILAM Fahari Income Real Estate Investment Trust (ILAM Fahari I-REIT) is delisting from the Nairobi Securities Exchange (NSE) main segment.

In a statement on Tuesday, February 6, 2024, ILAM Fahari I-REIT stated that it was exiting NSE's Main Investment Market Segment (MIMS) effective February 12, 2024.

MIMS is the premium board for large and well-established companies in Kenya and the region. It hosts leading enterprises across a wide range of sectors in the economy.

"Notice is hereby given of the defining of ILAM Fahari Income Real Estate Investment Trust (ILAM Fahari I-REIT" or "IFIR") from the Main Investment Market Segment (MIMS) of the Nairobi Securities Exchange (NSE) effective from Monday 12th February 2024," the company stated.

The last day of trading of ILAM Fahari I-REIT shares on the segment will be Friday, February 9, 2024.

"This follows the resolution by Unitholders of IFIR to delist and the subsequent approval of the delisting by the Capital Markets Authority (CMA)," the statement added.

Listing on NSE's main segment

For a company to list on the MIMS segment, it is required to have a minimum authorised, issued and paid up ordinary share capital of Ksh50 million. Also, a company's net assets immediately before the public offering or listing of shares should not be less than Ksh100 million.

Shares of the company listed on the segment are freely transferable and not subject to any restrictions on marketability or any preemptive rights.

ILAM Fahari I-REIT is in the process of applying to have its securities admitted for trading over the counter on the Unquoted Securities Platform (USP) of the NSE.

"Further information will be communicated once approvals have been received. All unitholders of IFIR are asked to take note of the delisting," the statement added.

Currently, ILAM Fahari I-REIT owns four real estate properties, including a shopping centre, an office building, and two semi-office/light industrial buildings, all held through special purpose vehicles.

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