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Press Release

CMA launches investigation into suspicious trades in relation to the KenolKobil PLC take over transaction

Nairobi, 24 October, 2018…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.

ENDS

Background Information on the Capital Markets Authority

The Capital Markets Authority (CMA) was set up in 1989 as a statutory agency under the Capital Markets Act Cap 485A. It is charged with the prime responsibility of both regulating and developing an orderly, fair and efficient capital markets in Kenya with the view to promoting market integrity and investor confidence. The regulatory functions of the Authority as provided by the Act and the regulations include; Licensing and supervising all the capital market intermediaries; Ensuring compliance with the legal and regulatory framework by all market participants; Regulating public offers of securities, such as equities and bonds & the issuance of other capital market products such as collective investment schemes; Promoting market development through research on new products and services; Reviewing the legal framework to respond to market dynamics; Promoting investor education and public awareness; and Protecting investors' interest. For more information, please contact Capital Markets Authority Head of Corporate Communications, Antony Mwangi on This email address is being protected from spambots. You need JavaScript enabled to view it..

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