Scangroup, Nairobi Business Ventures postpone financial results to end-month

NSE CEO Geoffrey Odundo,NBV (Nairobi Business Ventures) Chairman Haresh Soni,NSE Chairman Kiprono Kittony and ABC Group Managing Director Shamaz Savani at NBV's Bell ringing ceremony NBV listed an additional 415 million shares on the NSE.[Wilberforce Okwiri,Standard]

Listed marketing firm WPP Scangroup and leather retail chain Nairobi Business Ventures (NBV) have further delayed publication of their financial results for the year ended December 31, 2020, to August 31.

In a public notice published yesterday, the two firms said their request has been approved by the Capital Markets Authority.

WPP Scangroup attributed the delay to extended housekeeping issues. Scangroup Company Secretary Winnie Jumba said an ongoing investigation into the firm's operations stood in the way of timely publication of the company’s financials.

“The audit process has taken longer than anticipated as a result of the extended scope of an audit by external auditors arising from the ongoing investigation, which had been previously notified to shareholders and the public," said Jumba

NBV attributed the delay to proposed acquisitions. The firm is onboarding a new investor, Delta International. "The board of NBV wishes to inform shareholders of the company, potential investors and the general public that there will be a delay in publishing the audited financial statements for the year ended March 31, 2021," noted the firm.

Scangroup was required to announce its 2020 performance by April 30 before it sought an extension to May 31. It missed the deadline and set July 31 as the deadline, and now August 31.