ILAM Fahari IREIT Receives Regulatory Nod To Delist From The Main Market SegmentMinisterial working session focuses on SOMATRA-GET business plan

ILAM Fahari Real Estate Investment Trust has received the regulatory approval to delist from the Main Investment Market Segment (MIMS) of the Nairobi Securities Exchange (NSE), effective Monday, February 12, 2024. The last day of trading will be Friday, February 9, 2024. This follows the resolution by unitholders of IFIR to restructure and delist and the subsequent approval for delisting by the Capital Markets Authority (CMA). On November 24th 2023, the unitholders, during a special Extraordinary General Meeting (EGM), approved all the resolutions recommended by the Management and approved by the Board of Trustees. In a press statement, ILAM Chief Executive Officer (CEO), Mr. Einstein Kihanda, revealed that IFIR is in the process of applying to have its securities admitted for trading over the counter on the Unquoted Securities Platform (USP) of the NSE. 'We welcome the approval by the Capital Markets Authority. This decision aligns with our commitment to enhancing value for our unitholders, ensuring a m ore agile and efficient operation and pursuing a more focused investment strategy that aligns with the evolving needs of our unitholders,' stated Kihanda. The delisting from the MIMS of the NSE and the subsequent trading over the counter on the USP of the NSE will provide greater flexibility in managing the REIT's portfolio and will not affect the unitholders' ability to trade their units, with Non-Professional investors bundled into a Nominee Account. Nevertheless, the REIT will consider relisting on the NSE after 3 years upon successful implementation of the strategy. 'Trading over the counter on the USP will allow us to serve the long-term interests of our unitholders better and provide the unitholders with a high-quality investment experience whilst the REIT remains regulated by the Capital Markets Authority. We are thrilled to embark on this restructuring journey to fuel our growth and deliver exceptional returns to our unitholders,' said Raphael Mwito, ILAM Fahari I-REIT's Chief Executive Officer. I LAM will be seeking high-quality assets in prime locations with strong tenants and aims to double its portfolio value from Sh. 3.5 billion to Sh. 7 billion within the next three years. The restructuring is expected to create several benefits for unitholders, including increased flexibility to pursue a broader range of investment opportunities, including direct real estate acquisitions and developments, improved ability to align the REIT's investment strategy with the long-term needs of its unitholders, and reduced costs and administrative burdens associated with being a listed REIT. Source: Kenya News Agency A ministerial working session held Tuesday afternoon at the Government Palace in the Kasbah examined the various aspects of the business plan proposed to relaunch the activities of the Société Générale d'Entreprise de Matériel et de Travaux (SOMATRA-GET). Chaired by Prime Minister Ahmed Hachani, the meeting was briefed about the resumption of activities by the company, which has started work on the mega-projects that were blocked after the last working session. The meeting provided an opportunity to examine the various proposals and alternatives put forward in the company's draft business plan, with a view to maintaining its activity and thus its strategic role in the construction and public works sector. The representatives of the banking sector were unanimous in stressing the need to ensure the long-term survival of Somatra-GET, given its major contribution to the completion of public works. They expressed their willingness to provide the necessary support as part of a collective national effort to enab le the company to successfully fulfil its mission. The meeting was attended by the Ministers of Economy and Planning, Public Works and Housing, Social Affairs, Agriculture, Water and Fisheries, as well as the Ministers of Health and Transport and the President of the Banking and Finance Council (CBF). Source: Agence Tunis Afrique Presse