CMA allows Crown Paints to extend time for releasing 2019’s financial statement

 CMA allows Crown Paints to extend time for releasing 2019’s financial statement

NAIROBI, Kenya, June 6 – Paint and coating solutions company Crown Paints has received an approval by Capital Markets Authority to extend time to file its audited financial statements for the year ended December 31 2019.

The listed paint maker in a statement said it missed the May 30 deadline, owing to the difficult circumstances brought about by the COVID-19 pandemic.

“The company has sorted the approval CMA for an extension to file its audited financial statement for the year ending 31st December on or before 30th June 2020,” read the firm’s statement.

According to the paint maker, measures such as restricted movement put in place by the Kenyan government, and total lockdown that have since been relaxed in Rwanda and Uganda are to blame for the delay.

“The delay in finalization of the audited financial statements has been occasioned by the difficult circumstances brought about by the Kenya government and the lockdown (now relaxed) by Rwanda and Uganda governments,” Crown said in a statement, ” Crown said in a statement.

The results will hence be published about three months late.

This is however against CMA’s rules which expects all listed firms to publish their results within four months after the end of the financial year.

It also not the first time the company has requested for an extension to share its audited financial results.

The manufacturer in 2019 was granted an extension to share it’s financial results past the due date where it attributed its delayed results for 2018 on delays in the consolidation of regional markets’ results.

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Other companies that have been granted a similar extension by CMA include East African Cables, Home Afrika, ARM Cement and Liberty Kenya Holdings.

Those that have already published their quarter one results and announced invitations for Annual General Meetings which will now be done virtually owing to social distancing rules.

Banks such as KCB already conducted their virtual AGM on May 5 where the firm declared  a final dividend of Sh2.5 per share, pushing its total payout for the year ended December to Sh3.5 per share or a total of Sh11.2 billion.

Other firms set to follow suit include Absa Kenya who will hold their AGM electronically on Friday June 19, Total Kenya is also set to meet its shareholders through the online program on Friday June 26 among others.