CMA grants approval to UAP for issue of Ksh2 billion bond

The Capital Markets Authority (CMA) has in accordance with its mandate to facilitate access to financial services through effective regulation and innovation granted approval to UAP Holdings Limited to issue and list on the fixed income securities market segment of the Nairobi Securities Exchange a Kshs2 billion bond pursuant to Section 30A of the Capital Markets Act.

“The Authority granted the approval following review of the application and is satisfaction that it meets the requirements of the Capital Markets Act, and the Second Schedule and Part C of the Third Schedule to the Capital Markets (Securities) (Public Offers, Listing and Disclosures) Regulations, 2002, by enabling investors make an informed decision,’ noted a statement released from the Authority.

UAP Holdings Limited notes that net proceeds from the issue of the Notes will be applied towards general corporate purposes, including capital management, funding long term assets and investments in subsidiaries.