Japanese paint manufacturer Kansai Coatings says it is closing shop in Kenya as it enters into Members’ Voluntary Liquidation, a less costly process of terminating a firm that is about to wind up operation.
Kansai says the decision was formalized during an Extraordinary General Meeting (EGM), where members passed the necessary resolutions to initiate the process.
“Notice is hereby given that Members’ Resolutions were passed at the EGM of the members of Kansai Coatings Kenya Ltd (the Company) placing the Company in Members’ Voluntary Liquidation and appointing KVSK Sastry, PO Box 14474-00100 Nairobi as the Liquidator with immediate effect,” read a notice by Kansai.
According to the notice, the company’s creditors are required to submit full particulars of their claims against the company by May 31.
It added that all claims should be sent to the liquidator, KVSK Sastry, for processing.
This development points to the cessation of operations by the coater, which entered the Kenyan market in 2017.
Dutch painter Akzo Nobel bought the Kansai businesses in the East African region in 2022.