ADVOKS GLOBAL · KENYA
The Capital Markets (Public Offers, Listings and Disclosures) Regulations, 2023
74. Delisting
Edition: 2023-12-15 · In force
74. Delisting
(1)The Authority may require a securities exchange to de-list a security where—(a)the issuer of such securities has been placed under statutory management, receivership or liquidation or voluntary winding up;(b)the issuer of such securities has continued to be in material default of continuing listing obligations for at least one year following suspension from trading of its securities;(c)as a result of restructuring involving the listed securities, the issuer ceases to exist; or(d)a recommendation has been made by the directors to the shareholders to have the securities delisted and where the shareholders of such securities through a special resolution at which a minimum of seventy-five per cent of such security holders are represented without objection to the proposed de listing from at least ten per cent of the holders of securities resolve to have the securities delisted.(2)Despite the provisions of subregulations 72 and 73, the Authority may require the suspension or delisting of an issuer in any other circumstances, which in the opinion of the Authority, is for the protection of the interests of investors.(3)Where a security has been suspended or de-listed, the securities exchange shall publish such information on its website and in such other manner as the Authority may direct.(4)The suspension or de listing of a security shall not —(a)absolve an issuer, the issuer’s directors or officers from any liability for any default which may have led to such suspension or delisting; or(b)terminate any proceedings against such issuer, directors or officers commenced before the suspension or delisting.