ADVOKS GLOBAL · KENYA
The Capital Markets (Public Offers, Listings and Disclosures) Regulations, 2023
34. Underwriting of offers to the public
Edition: 2023-12-15 · In force
34. Underwriting of offers to the public
(1)Where an issuer decides to have its public offer underwritten, it shall disclose the underwriting arrangement to the Authority before entering into the arrangement.(2)The issuer shall disclose the facts and particulars of the underwriting arrangement in the information memorandum.(3)Where the underwriter is a person related or associated with the issuer, the underwriter shall undertake to the Authority to dispose of any securities arising from the underwriting agreement within a period determined by the issuer and approved by the Authority.(4)The Authority may extend the period referred to in subregulation (3) if such extension is in the best interest of the holders of the securities of the issuer, having regard to the prevailing market conditions and any other factors that are relevant in the circumstances.(5)Where the Authority extends the period in accordance with subregulation (4), the issuer shall publicly disclose the period of such extension, any conditions attached to the extension and the circumstances necessitating the extension, in the same manner as the information memorandum was published.