Atlas Development and Support Services limited (NSE:AAI) has been expelled from the NSE after it shut down its business and deregistered in the UK. The company was suspended from trading at the Nairobi Securities Exchange in May 2017 after it failed to comply with the listing rules.
Atlas joined the Nairobi Securities market in December 2014. Since its entry into the Kenyan market, the company has been involved in countless controversies; from being delisted from the London Securities Exchange to tax evasion claims in Ethiopia.
Following the exit, shareholders in the company have been left in the dark on how they will recover their investment.
Atlas Development and Support Services is the third company to be expelled from the NSE in the last two years for failing to a bid by the capital markets rules. Hutchings Biemer and A Baumann were kicked out in August 2017. According to the East African newspaper, Mumias Sugar Company, and Uchumi Supermarkets also risk being delisted due to their poor financial performance and weak corporate governance structures.
