Crown Paints, a paint and coating solutions company, has been approved by Capital Markets Authority to extend the time required to file its audited financial statements for the year ended December 31 , 2019.
Due to the difficult circumstances brought about by the COVID-19 pandemic, the listed paint maker in a statement said it missed the May 30 deadline.
“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, the delay is to blame for measures such as restricted movement put in place by the Kenyan government, and total lockdowns that have since been relaxed in Rwanda and Uganda.
“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.
Thus the results will be published about 3 months late.
However, this is against the rules of CMA which expect all listed companies to publish their results within four months from the end of the financial year.
It’s also not the first time the company has asked to share its audited financial results for an extension.
In 2019, the manufacturer was granted an extension to share its financial results past the due date when it attributed its delayed 2018 results on delays in consolidating the results of the regional markets.
Other companies to which CMA has granted a similar extension include East African Cables, Home Afrika, ARM Cement and Liberty Kenya Holdings.
Those who have already published their quarter-one results and announced invitations to Annual General Meetings that are now to be done virtually due to social distancing rules.
Banks such as KCB already held their virtual AGM on May 5, when the firm declared a final dividend of Sh2.5 per share, pushing its total payout for the year ending December to Sh3.5 per share or a total of Sh11.2bn.
Other companies set to follow suit include Absa Kenya, who will hold their AGM electronically on Friday June 19, and Total Kenya, among others, will also meet its shareholders through the online program on Friday June 26.
