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FDI: Entry and ownership rule
On 11 June 2015, the government of Kenya amended its ‘Capital Markets (Foreign Investors) Regulations’ introduced in 2002, via issuing ‘Legal Notice No. 113’.
The amendment introduced via ‘Legal Notice No. 113’ eliminated the 75% threshold of foreign ownership in listed companies within the Kenyan jurisdiction. Therefore, allowing foreign investors to own 100% of listed companies in Kenya.
Nevertheless, the denoted ‘Legal Notice No. 113’ also states that the Cabinet Secretary will still possess the capacity to impose a maximum limit of foreign ownership in an issuer or a listed company, via a Notice in the Gazette.
The Cabinet Secretary can impose the prior under the following circumstances:
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