Kenya's Capital Markets Authority has re-admitted shares of East African Portland Cement after a two-month suspension, saying doubts about the firm's ability to run its business had been quashed by continuous operations over the period.
The shares had been suspended from trading on Jan. 17, to protect shareholders from a bitter dispute between its board and the government, a 25 percent shareholder that wanted to dissolve the board, citing an improper tender process for clinker - a lumpy intermediate product in the production of cement.
The High Court later ruled the government had no power to order the board's dissolution.
"The Authority was satisfied that the uncertainty surrounding the status of the company to execute its obligations has been largely addressed by the continued functioning of the company," the regulator said in a statement issued late on Wednesday.
An hour into Thursday's trading session, there were no trades in the shares, with a lone bid at 30.0 shillings per share, much lower than the last traded price of 56.0 shillings.
The company warned last month that full-year earnings would be down at least 25 percent on the year before amid high production costs and mounting competition.
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