Over the years, we have established a reputation as a market leader in Capital Markets transactions in the country, representing a range of listed companies in Kenya. 

We have been instrumental in the development of the legal and regulatory framework for Kenya’s Capital Markets Authority (CMA) as well as advising the Nairobi Securities Exchange (NSE) technical committee.
The practice has years of experience in advising on a broad spectrum of capital markets products and incorporates specialist expertise in debt and equity capital markets. The practice area is highly regarded for offering clients commercially insightful advice, technical expertise and complete understanding of both sides of a transaction.

Our capital markets experiences include:

  • Acted for East Africa’s leading investment company where together with a wholesale distributor of non-durable goods obtained approval to acquire all the listed shares in its subsidiary. We drafted and negotiated a settlement Agreement of the two companies and by way of a consent order of the Capital Markets Tribunal, we conducted extensive due diligence, negotiated and obtained approval from the Capital Markets Authority and obtained shareholder approval.
  • Advising a publicly listed commercial bank on a Rights Issue in 2014. Tasks included participating in the preparation of a confidentiality agreement and information memorandum together with the other technical advisors, conducting legal due diligence, providing a legal opinion to be included in the information memorandum, obtaining approvals on behalf of the bank from the Capital Markets Authority, Nairobi Securities Exchange, Central Bank of Kenya and reviewing all the transaction documents to ensure that their compliance with the laws of Kenya.
  • Advising a Kenyan government-owned development finance institution and the Government of Kenya on the amendment of the Memorandum and Articles of Association and application to both Capital Markets Authority and Nairobi Securities Exchange for increase of Capital and Rights Issue. Our roles included legal advisors to the different agents of the offer for sale, preparation of different transaction documents including the technical management agreement, reviewing the legal issues affecting the institution’s Information Memorandum, preparation of the necessary company forms at the Companies Registry and amendment of the company’s Memorandum and Articles of Association.
  • Advising a network of Dutch organisations in the water sector and an incubator of innovative business concepts in the establishment of a capital market structured water pool facility and the subsequent incorporation of an SPV for the achievement of the same. Provision of various legal opinions on the legal requirements of the Capital Markets Authority and the Companies Act, review of various policies and contracts for the operationalisation of the SPV and various contracts.
  • Advised an insurance and investment group in a successful private placement of 11,000,000 Class “A” Shares and 9,000,000 Class “B” Shares with a par value of KES 20 each of the group at the price of KES 22.50.

Recent Insights

Tightening Loose Ends: Capital Markets Authority’s Power and Role in Combating Insider Trading

Tightening the Reins: Fighting Financial Crimes in the Kenyan Capital Markets

Related Services

Banking & Finance, Corporate & Commercial, Dispute Resolution

For more information about our Capital Markets practice, please contact George Oraro, SC (Senior Partner), Pamella Ager (Managing Partner) or Jacob Ochieng (Partner).  Alternatively click here to download our Capital Markets profile.

Key Contacts
George Oraro SC
Founding Partner



E: goraro@oraro.co.ke

Pamella Ager
Managing Partner


E: pamella@oraro.co.ke