The Capital Markets (Foreign Investors) Regulations

3. Participation by foreign investors

Edition: 2022-12-31 · In force

3. Participation by foreign investors

(1)Any proportion of the voting shares of an issuer after an initial public offering shall be available for investment by foreign investors without any restrictions in the level of holdings except as provided under the Capital Markets (Take over and Mergers) Regulations, 2002.

(2)Notwithstanding Regulation 3(1), the Cabinet Secretary may by notice in the gazette, prescribe a maximum foreign shareholding in an issuer or listed company.

(3)The Cabinet Secretary may only exercise the powers under paragraph 3(2) where —

(a)in a privatization transaction, the government or its agency is divesting its shares to the public; or

(b)some level of local ownership in a strategic industry or sector in the country is to be maintained; or

(c)it is in national interest.

[L.N. 78/2007, r. 3, L.N. 28/2008, r. 3, L.N. 113/2015, r. 3.]

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Source: Kenya Law