The request for Expression of Interest follows the General Procurement Notice (GPN) for this project that appeared in United Nation Development Business No. 674 of March 16. 2006 and was updated in UN developent Business No. 707 of July 31, 2007. The Government of Kenya has received a credit from the interanational Development Association and a Grant from the UK Department for International Development {DF ID)towards the cost of the Financial and Legal Sector Technical Assistance Project (FLSTAP). It is intended that part of the proceeds of this credit be applied to eligible payments under the contracts for provision of consulfancy services on. "Demutualisation of the Nairobi Stock Exchange". This consultancy is expected to take a period of two months.

2.    SCOPE OF WORK
The consultant shall undertake the assignment with reference to all policy and regulatory issues to-achieve demutualization of the NSE and will be expected to:

a) Review the reports prepared by NSE and Capital Markets Authority (CMA) on proposed modalities for demutualization of the NSE taking note of the difference in the recommendations with regard to. the desirable legal framework for demutualization, value determination, value allocation. governance structures. and past-emutuailzation listing process

b) Conduct one on-one discussions with relevant stakeholders and mace Independent recommendations that reflect local consensus as well as international best practice on demutualization of the NSE including determination of;
1.    the current value of the NSE;
value determinationlshare allocation, taking into consideration: contributions of various stakeholders.
iii. conflict resolution mechanisms between different interest groups:
N. a suitable demutualization model taking into consideration the overall objective U. regional integration of East African capital markets and the study concucled by IFCI ESMID on the EAC capital markets regionalization model;
v. appropriate legal framework for demutualization
nj Propose a road map to guide implementation of the demutualization process taking into consideration input from key stakeholders.
d) Present a draft report to a stakeholders' forumlworkshop for views and comments.

3.    EXPERTISE REQUIRED
The Ministry seeks to engage an individual who has demonstrated practical experience in guiding demutualization of a stock exchange preferably In a market comparable to Kenya. The consultant is expected to demonstrate strong practical experience rn relevant areas, such as Investment banking/ leadership of a major stock exchange, financial institution or regulatory authority with good judgment. and professional authority.

4.     The Ministry of Finance 'the Client) through its Project tmplemerrtation Unit (PIUi now invites eliuibie individual consultants to express their interest in providing this service Interested consultants shall provide Information indicating their professional capability to undertake the consultancy. Such Information may include brochures, description of similar assignments, experience in similes conditions. availability of appropriate skills. etc. Consultants should provide the most recent profiles showing their experience. qualifications, capabilities, references and details of past experience especially In the area of their expertise etc

5.     Interested elioible individuals may obtain further information at the address given below Curing office hours between 0900 fo 1630 hours, Monday - Friday inclusive exclusive of public holidays• before the deadline for the submission of Expressions of Interest. The selection of consultants wi:l be in accordance with procedures set out by World Bank Guidelines: Selection and Employment of Consultants by World Bank Borrowers, May 2004

6.    Complete Expressions of Interest documents in plain sealed envelopes with consultancy reference and name clearly marked on top should be sent to the address below or forwarded using the email addresses as shown heto<w or placed in the tender box at our offices on the 7"' floor, Anniversary Towers. North Tower

Telephone No: 25-20-221027/2210341
Fax No: 254-20-2210327
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PROCUREMENT SPECIALIST, FLSTAP
FOR FINANCIAL SECRETARY