ADVOKS GLOBAL · KENYA
The Capital Markets (Public Offers, Listings and Disclosures) Regulations, 2023
9. Meaning of “public offer”
Edition: 2023-12-15 · In force
9. Meaning of “public offer”
(1)Subject to section 30A of the Act, a “public offer” includes—(a)an initial offer of securities to the public by an issuer;(b)a further or secondary or additional offer of securities to the public by an issuer; or(c)an offer for sale of securities to the public by an existing shareholder or shareholders.(2)A person offers securities to the public in Kenya if such offer is not a private offer as provided in regulation 17.(3)For the purposes of this Part, there is an offer of securities to the public if there is a communication to any person which presents information on the transferable securities to be offered, and the terms on which they are offered to enable the offeree to decide whether or not to buy or subscribe for the securities in question and that communication is designed to, or could, reach at least one hundred persons.(4)The onus will be on the offeror to demonstrate that any offer said to not to be a public offer is a private offer.