NAIROBI, Kenya, Sept 24 – A Mumias Sugar Company shareholder has moved to the Commission on Administrative Justice (CAJ) seeking a review of the Capital Markets Authority’s (CMA) decision to withhold information on the prolonged suspension of the company’s shares.

Taiti Hanningtone filed the review on September 23 under the Access to Information Act, challenging a September 18 response by the CMA to a request for information made on his behalf by his lawyers.

Hanningtone had sought information on 33 issues relating to the suspension of Mumias shares, including the reasons for the continued suspension, regulatory assessments by CMA, requirements for resumption of trading, possible delisting and the rights of shareholders.

The CMA provided information on the history of the suspension, including directives issued in 2019 and 2020, but declined to provide substantive information on most of the issues raised.

The regulator relied mainly on Section 13(2) of the Capital Markets Act, while also directing some matters to the company and its receiver-manager.

Hanningtone argues that the CMA should have considered each request separately under Section 6 of the Access to Information Act and given specific reasons for withholding each piece of information.

He is also seeking disclosure of information that can be provided in edited or summary form where some parts may be exempt from disclosure.

The shareholder wants the CMA to confirm whether it holds information relating to shareholder rights and the regulatory obligations of Mumias during the suspension.

He has also asked the authority to provide information on whether Mumias has submitted a proposal to resume trading, the regulatory issues preventing resumption and the conditions that would need to be met before trading can resume.

Mumias shares have been suspended from trading since September 2019 after the company was placed under receivership. The suspension was later extended until further notice.

Under the Capital Markets (Public Offers, Listings and Disclosures) Regulations, an issuer whose securities have been suspended is required to continue meeting certain listing obligations.

The regulations also provide for a resumption proposal and give the regulator powers relating to delisting in certain circumstances.

Hanningtone wants the CAJ to review the CMA decision and direct the authority to provide item-specific reasons for any information it continues to withhold.

He has also asked the commission to order disclosure of information that is not exempt under the Access to Information Act.