Kenya Power, EAPCC to delay financials

Kenya Power and East African Portland Cement Company (EAPCC) will both miss today’s deadline for publishing their financial results for the year ended June, 2018, due to the absence of a new Auditor-General, the listed companies said yesterday.

The former office holder, Edward Ouko, who retired last August has not been replaced.

The State-owned companies have been granted an extension by the Capital Markets Authority (CMA) to release the results by November 30.

KenGen had also notified shareholders over the weekend that its financial statements would be delayed on the same grounds.

CMA regulations require listed firms to prepare and publish their annual and interim financial statements in at least two newspapers of national circulation within four and two months of the close of the financial year respectively.

State-owned firms such as KenGen, Kenya Power, Kenya Re and East African Portland Cement all have to submit their books to the Auditor-General for approval before they can be made public. Ordinarily the office of Auditor-General picks a private audit firm to check the books but the final say comes from the Auditor-General.

President Uhuru Kenyatta last month appointed former Deloitte East Africa chief executive Sammy Onyango to chair a six-member panel selecting nominees for the position of Kenya’s second Auditor-General.