CMA Exempts Sanlam Kenya from Mandatory Takeover Offer

Published 2 days ago• 1 minute read

The Capital Markets Authority (CMA) has granted Hubris Holdings Limited and Sanlam Allianz Africa Proprietary Limited (SAZ) an exemption from issuing a mandatory takeover offer following their combined shareholding in Sanlam Kenya Plc rising to 71.47%.

Ordinarily, gaining more than 35% control would trigger and require a to minority shareholders. However, as previously reported, Hubris and SAZ applied for an exemption based on the following:

– not in the best interest of shareholders.

As a result, the CMA agreed with these grounds. It also noted that the transaction followed all required approvals, including those from the .

The CMA’s approval aligns with the restructuring’s goal of strengthening Sanlam Kenya’s balance sheet.

Proceeds from the rights issue helped repay a KSh 4 billion loan owed to Stanbic Bank Kenya. Additionally, SAZ played a key role in underwriting the issue, ensuring full subscription and financial stability.

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