“The company regrets to inform our stockbrokerage clients that as a result of structural decline in the agency trading model in both the local and global financial markets, the company has decided to divest from and cease stockbroking activities,” said African Alliance in a media notice on Monday.
“We therefore notify all stockbrokerage clients of the company and the general public that the company will also cease to act as a stockbroker on the Nairobi Securities Exchange and as a central depository agent,” it said.
“We further notify our stockbrokerage clients to contact the company urgently to enable them [to] transfer their central depository system accounts (CDS account) to another stockbroker of their choice.
This will also enable company to refund cash balances [where applicable] in stock broking accounts to respective stockbrokerage clients.
“If your shares holdings in your CDS account, document of title to shares or cash balances in your stockbroking account are not transferred to your stockbroker of choice of for cash balances you have not provided instructions on how the cash should be handled by July 22, 2020, the clients assets will be transferred to another licensed broker selected by the company...”
