Centum Investments of Kenya Fined for Not Warning of Profit Drop
Centum Investment Co. (CENTUM), Kenya’s largest publicly traded investment group, was fined by the East African country’s Capital Markets Authority for not issuing a warning before reporting a 48 percent drop in annual profit.
An official at the regulator, who asked not to be identified because he isn’t authorized to speak to the media, wouldn’t say how big the penalty is.
Centum’s net income in the 12 months through March fell to 1.19 billion shillings ($14 million) and investment income declined by a similar amount, the company said June 19. Chief Executive Officer James Mworia wasn’t available for comment when Bloomberg called his office three times today.
Listed companies must inform the Nairobi Securities Exchange, the public and the regulator at least 24 hours before releasing full-year results that are expected to fall by more than 25 percent, according to the Capital Markets Authority.
To contact the reporter on this story: Eric Ombok in Nairobi at firstname.lastname@example.org
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