Regulatory Alerts2019-12-11
Capital Markets and Securities (Capitalisation and Rights Issue) Regulations
The Capital Markets and Securities Authority mandates that listed companies obtain prior approval before issuing additional shares through capitalization or rights issues. Applicants must file detailed applications containing shareholder resolutions, financial disclosures, acquisition details, and auditor certifications at least three weeks prior to books closure. The Authority retains discretion to impose protective conditions, prohibits public announcements before approval is granted, and exempts employee share ownership schemes from the standard procedure.
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