Deacons seeks to raise Sh 450M to Settle its Financial Woess
Deacons East Africa will consider borrowing loans from individuals in order to accrue approximately Sh450 Million which is required to settle the company’s creditors and lenders and also use to balance towards the working capital requirements of the company, which is currently under administration.
Through a notice released by the joint administrators, all members are required to meet on 12 March to deliberate on this resolution.
“In order for the company to raise the amount of upto 450 Kshs …the joint administrators be and are hereby generally and unconditionally authorized to exercise the borrowing powers of the company to raise the required funds in the form of convertible loans from any person willing to lend or grant such funds to the company on such terms and conditions as shall be agreed between the parties subject to obtaining all the regulatory approvals,” the statement noted.
During the meeting, the joint administrators are also required to submit the progress report on the status of the troubled chainstore.