6 days ago
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Hubris Holdings Limited (“Hubris”) and Sanlam Allianz Africa Proprietary Limited (“SAZ”) person announced that the Capital Markets Authority (CMA) has exempted them from mandatory takeover requirements pursuing their accrued shareholding successful Sanlam Kenya Plc (“SKP”).
The announcement was made successful a announcement dated Wednesday, July 9, 2025.
“Hubris and SAZ are pleased to denote that connected 03 July 2025, the CMA granted them an exemption nether regularisation 5 of the Takeover Regulations from compliance with the mandatory takeover provisions successful narration to the acquisition of up to 66.7% of the shares successful SKP pursuing decision of the Rights Issue,” work portion of the notice.
The exemption, granted connected July 3, 2025, relieves Hubris and SAZ from the work to marque a mandatory takeover connection to SKP shareholders aft acquiring up to 66.7% of SKP’s shares done a 2025 Rights Issue.
Additionally, the CMA has approved a further exemption allowing the 2 firms to get up to 71.47% of SKP without triggering mandatory takeover rules, pending indispensable approvals nether Kenya’s Insurance Act (Cap 487).
On June 5, 2025, Hubris and SAZ applied to the CMA for an exemption from Regulations 3(1) and 4 of the Capital Markets (Take-overs and Mergers) Regulations, 2002, which were activated by their information successful SKP’s Rights Issue.
Also Read: Boost for Standard Group arsenic CMA Approves Ksh1.5B Rights Issue
A nationalist announcement was issued connected the pursuing time (06 June 2025) declaring their intent not to marque a mandatory offer.
The CMA’s determination under Regulation 5 of the Takeover Regulations allows the 2 firms to consolidate their involvement successful SKP without the accustomed request to widen an connection to number shareholders.
The transaction was facilitated by:
- Legal Advisor: NBMA Advocates LLP, One Africa Place
- Financial Advisor: Absa Securities Limited, Waiyaki Way
About Capital Markets Authority
The Capital Markets Authority (CMA) is an autarkic nationalist bureau successful Kenya, established nether the Capital Markets Act, Cap 485A. It operates nether the National Treasury and Economic Planning.
Also Read: CMA Responds After Investment Bank Faces Auction Over Ksh 355M Debt
The CMA’s superior responsibilities include:
- Promoting marketplace integrity and capitalist assurance by ensuring an orderly, fair, and businesslike superior market.
- Supervising, licensing, and monitoring marketplace intermediaries specified arsenic the Stock Exchange and the Central Depository and Settlement Corporation (CDSC).
- Regulating each licensees nether the Capital Markets Act, including online forex, commodities, and regulated exchanges.
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CMA CEO, Wyckliffe M.Shamiah. PHOTO/Kenyan Wallstreet
