ADVOKS GLOBAL · KENYA
The Capital Markets (Foreign Investors) Regulations
10. Transitional and saving provisions
Edition: 2022-12-31 · In force
10. Transitional and saving provisions
(1)Nothing in these Regulations shall require a foreign investor who, at the commencement of these Regulations, hold shares of an issuer in excess of the limits prescribed in these Regulations, to dispose of the excess shares.(2)In the event that a foreign investor or an East African investor who holds shares in excess of the limits prescribed by these Regulations by virtue of the provisions of paragraph (1), resolves to dispose of any shares, no foreign investor shall be eligible to purchase such shares save to the extent that the aggregate of the shares of that issuer held by foreign investors shall not exceed the limits prescribed in regulation 3.(3)Nothing in these Regulations shall restrict the right of a foreign investor or an East African investor to acquire additional shares by way of a bonus or right or scrip dividend issue pursuant to the memorandum or articles of association or other regulations of a listed company or under the provisions of any other written law provided that in the event of a rights or scrip dividend issue, no foreign investor shall be eligible to acquire directly or indirectly additional shares as would result in exceeding the percentage shareholding by foreign investors in listed companies prescribed by the Cabinet Secretary under regulation 3(2).