APPROVAL OF THE PROSPECTUS TO ISSUE DEPOSITORY RECEIPTS COVERED BY KENYA GOVERNMENT DEBT SECURITIES ON THE ALTX DEBT SECONDARY MARKET BY ALTX CLEARING LTD
ALTX Clearing Ltd and ALTX East Africa (ALTX) are pleased to announce that the prospectus for the issuance of Depository Receipts (DRs) covered by Kenya Government Debt Securities, the ALTX Debt DR Program, was approved on 10th December 2020 by the Capital Markets Authority of Uganda.
This is the first time in East Africa that treasury debt exposure shall be traded on an exchange outside the country of original issue. The DRs are designed to increase the investment options available to investors on ALTX and offer an opportunity to diversify investment portfolios. ALTX now moves a step further in achieving the mission of financial inclusion, by providing additional innovative securities products tailored to the reality of a majority of ALTX investors.
The Capital Markets Authority also waived the application of Regulation 2(c)(v), 2(e), 2(g), 2(h), 2(k) and Part II Regulation 3,4 and 5 of the CMA (Prospectus Requirements) Regulations to this prospectus. In addition, the Authority waived application of:
i) Part III, Rule 6 and Rule 11
ii) Part IV, Rule 12(f) 1 & 2
iii) Part IV Rule 18 (a) (iv), 18(a)(vi), 18(c) and (d)
of the ALTX Depository Receipt Rules to the ALTX Debt DR Program. All matters in the approved prospectus relating to the waived rules and regulations fall silent.
ALTX will make affordable and accessible investment options widely available to those who require them and invites all to invest to grow their wealth. Final preparations are being made to start listing the DRs under this prospectus on ALTX in 2021.