Home Afrika delays release of results amid boardroom shakeup

Home Afrika delays release of results amid boardroom shakeup

Listed real estate developer Home Afrika has delayed the release of its 2015 results by one week.

The firm sought and received approval from the Capital Markets Authority to delay the release of its financial performance as it put together details to present to shareholders.

Home Afrika last week announced the appointment of Linus Gitahi as its chairman and Joshua Kihoro as the new Chief Finance Officer as it strengthened its management team.

“This is in order to provide additional information to the shareholders and potential investors of the company for a better assessment of the company’s performance in light of the changes being made in its corporate governance structures,” Home Afrika MD Dan Awendo said in a statement.

Home Afrika has had a boardroom shakeup with the exit of at least seven directors who have been at the firm since 2013.

The real estate developer has been under a heap of financial pressure, posting a net half year loss of Sh118 million.

CMA guidelines require firms to publish their audited financial results four months after the close of the financial year.

The firm will now publish its financial results by the 6th of May, 2016.