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{
"id": 193814,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/193814/?format=api",
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"type": "speech",
"speaker_name": "Dr. Oburu",
"speaker_title": "The Assistant Minister for Finance",
"speaker": {
"id": 194,
"legal_name": "Oburu Ngona Odinga",
"slug": "oburu-odinga"
},
"content": " Yes, it is not going to interfere. Mr. Deputy Speaker, Sir, I wish to respond as follows: On the issue of the statement that the Capital Markets Authority (CMA) allowed Safaricom Limited to issue two sets of June 10, 2008 PARLIAMENTARY DEBATES 1101 prospectuses, the CMA approved only one prospectus for the Safaricom Initial Public Offering (IPO), being the prospectus dated 14th March, 2008. That prospectus was approved pursuant to Regulation 262 of the CMA Securities Public Offers Listing and Disclosures Regulations, 2002, upon the satisfaction of the Authority that the form and content of the prospectus was in compliance with Part \"a\" of the Third Schedule of the CMA Securities Public Offers Listing and Disclosures Regulations, 2002. Mr. Deputy Speaker, Sir, the only other document approved by the Authority was an addendum to the prospectus dated 14th March, 2008. The addendum dated 28th March, 2008, consists of complete notes to the Independent Auditors Interim Review Report for the nine months ended 31st December, 2007, as contained in Appendix Part (b)(1) of the reporting accountants report. That addendum was approved in accordance with Regulation 13 of the CMA Securities Public Offers Listing and Disclosures Regulations, 2002. That addendum was published as a separate document and made available for collection by the public with effect from 1st April, 2008. The approval and publication of the addendum was notified to the public by a public notice appearing in the Daily Nation and the East African Standard on 29th March, 2008. Once the addendum was approved, it was deemed to form part of the prospectus dated 14th March, 2008. To avoid issuing a separate prospectus and addendum, a revised prospectus was issued on 28th March, 2008, merely combining the prospectuses and the addendum. On the statement that there was a material difference between the prospectuses dated 14th March, 2008 and the revised prospectus of 28th March, 2008, there was no distinction between the contents of the prospectuses dated 14th March, 2008 and the revised prospectus dated 28th March, 2008, other than the insertion of the addendum. Mr. Deputy Speaker, Sir, on the issue that the Authority allowed the prospectus dated 14th March, 2008 which did not have the signature of the external auditor and the directors and did not have notes to the accounts, I wish to respond as follows: Regulation 63(a) of the CMA Securities Public Offers Listing and Disclosures Regulations, 2002, imposes the requirement to include a reporting accountant's report confirming compliance by the issuer with the financial disclosures proscribed by the Authority. The reporting accountant's report covering five years and six months to 30th September, 2007, was prepared by Delloitte and Touche and was duly signed in both the prospectus dated 14th March, 2008, and the revised prospectus dated 28th March, 2008. Mr. Deputy Speaker, Sir, I would like to assure this House and the investing public that all the investors were granted access to the same information. I also confirm that there was no material change in the information contained in the prospectus dated 14th March, 2008, other than the insertion of the addendum made available to the public separately. Thank you, Mr. Deputy Speaker, Sir."
}