ADVOKS GLOBAL · KENYA
The Capital Markets (Take-Overs and Mergers) Regulations
33. Issuance of shares in a subsidiary
Edition: 2022-12-31 · In force
33. Issuance of shares in a subsidiary
(1)No issuance of shares of a subsidiary of a listed company comprising—(a)twenty-five percent or more of the share capital of that subsidiary; or(b)ten percent or more of the share capital of the subsidiary, that has contributed to twenty five percent or more to the average turnover in the latest three financial years of the listed company (preceding the proposed issuance of shares),shall be made without full disclosure through an information circular to the shareholders of the listed company, of all relevant information relating to the transaction for which the shares are being issued subject to the prior approval of the issuance of such shares by the Authority.(2)The information circular referred to in paragraph (1) shall be subject to prior approval by the Authority and shall comply with the requirements under the Capital Markets (Securities) (Public Offers, Listing and Disclosures) Regulations (sub. leg).