ILAM Fahari Real Estate Investment Trust (NSE: FAHR) has received regulatory approval to delist from the Main Investment Market Segment (MIMS) of the Nairobi Securities Exchange (NSE), effective Monday, February 12, 2024. The last trading day will be Friday, February 9, 2024.
This decision follows a resolution by IFIR unitholders to restructure and delist, which was subsequently approved by the Capital Markets Authority (CMA). ILAM’s CEO, Mr. Einstein Kihanda, stated that IFIR is applying to have its securities traded over the counter on the NSE Unquoted Securities Platform (USP).
Delisting from the NSE’s MIMS and trading over the counter on the USP will offer greater flexibility in managing the REIT’s portfolio without affecting unitholders’ ability to trade units. After three years, the REIT will consider relisting on the NSE upon successfully implementing the strategy.
ILAM aims to double its portfolio value from Kshs 3.5 billion to Kshs 7 billion within three years by seeking high-quality assets and providing a high-quality investment experience for unitholders. The restructuring is expected to bring benefits such as increased flexibility, improved alignment of investment strategy with unitholders’ needs, and reduced administrative burdens.
