Our Capital Markets 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 advice also reflects a broader view of the regulatory issues, markets and business environment in which our clients operate.

Moreover, working closely with our Dispute Resolution practice area, the capital markets team act and represent clients in contentious matters, tackling complex issues and deriving the satisfaction that comes from finding practical and efficient solutions..


Our capital markets experiences include:

  • Advising the Government of Kenya (GoK) in an Initial Public Offering (IPO) of shares in KenGen (Kenya’s largest electricity generating company), including conducting a due diligence exercise covering legal, environmental and complex land issues as part of the broader transaction, where we advised (as part of a multi-disciplinary team consisting of among others, finance auditors) the GoK and KenGen in the sale of thirty per cent (30%) of its stock in KenGen through an IPO at the Nairobi Securities Exchange (NSE).
  • Advising on the National Bank of Kenya (NBK) 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 NBK from the Capital Markets Authority (CMA), NSE, Central Bank of Kenya (CBK) and reviewing all the transaction documents to ensure that their compliance with the laws of Kenya.
  • Advising Industrial and Commercial Development Corporation (ICDC) and theGoK on the amendment of the Memorandum and Articles of Association and application to both CMA and NSE 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 ICDC’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 Netherlands Water Partnership and Cardano Development Services 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 CMA and the Companies Act, review of various policies and contracts for the operationalisation of the SPV and various contracts.
  • Advising on three successful and heavily subscribed rights issues for Diamond Trust Bank (DTB) (2006, 2007 and 2012). Our responsibilities in this transaction included conducting legal due diligence on the Bank, drafting confidentiality and agency agreements, preparing a legal opinion for inclusion in the information memorandum, ensuring legal compliance in the information memorandum and transaction, assisted in negotiations with various consultants, drafting the respective contracts for the different advisors and assisting the client obtain approval from the regulatory authorities CBK, CMA and NSE.
  • Advised CIC Insurance 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 CIC at the price of KES 22.50.

 


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 (Partner) or Jacob Ochieng (Partner).  Alternatively click here to download our Capital Markets profile.

Key Contacts
George Oraro SC
Senior Partner

 

 

E: goraro@oraro.co.ke