Regulatory Alerts2025-05-16
Securities (Takeovers and Mergers) Rules 1993
The Securities and Exchange Commission of Zambia issued these rules to regulate takeover and merger transactions affecting public companies, ensuring fair and equal treatment for all shareholders. The regulations mandate timely public announcements, strict pre-offer confidentiality, competent independent financial advice, and comprehensive disclosure of material information throughout the offer period. Boards, directors, offerors, and professional advisers must adhere to prescribed conduct principles and specific provisions, with the Commission empowered to issue binding rulings, modify applications in exceptional circumstances, and impose fines or imprisonment for contraventions.
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