[Kenya] CMA launches investigation over KenolKobil PLC take over transaction

The Capital Markets Authority (CMA) has received a Notice of Intention by Rubis Énergie to make a cash offer (the “Offer”) to acquire 100% of the ordinary share capital of KenolKobil Plc not already legally or beneficially owned by Rubis Énergie (“Notice of Intention”) pursuant to Regulation 4(3) of the Capital Markets (Take-overs & Mergers) Regulations, 2002 (the “Take-over Regulations”). 

Through its market surveillance the Authority identified potentially irregular trading of the KenolKobil counter in the run up to the issue of the Notice of Intention by Rubis Énergie.

Consequently, in connection with these investigations the Authority has instructed the Central Depository and Settlement Corporation to place a freeze on the suspected accounts to allow for the conduct of the necessary inquiries.

In conducting its review of the ongoing takeover transaction the Authority will have due regard to the maintenance of the integrity of the market and protection of investors’ interests.

www.cma.or.ke