ADVOKS GLOBAL · KENYA
The Capital Markets (Public Offers, Listings and Disclosures) Regulations, 2023
55. Listed company may buy back shares
Edition: 2023-12-15 · In force
55. Listed company may buy back shares
(1)A listed company may only buy back its shares if the Articles of Association of the listed company provide for share buybacks.(2)A proposal to buy back the shares of a listed company shall be recommended by a resolution of the board of directors and approved by a resolution of shareholders of the company in a general meeting of shareholders before the share buyback is undertaken.(3)A proposal to the company’s shareholders to buy back shares under subregulation (2) shall be through a circular which shall specify the terms and conditions of the proposal(4)The circular shall satisfy the following conditions before it is circulated to shareholders—(a)it shall have been approved by the Authority in accordance with these Regulations; and(b)it shall have been submitted to the securities exchange on which the share buyback transactions shall be undertaken.