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{
    "id": 240258,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/240258/?format=api",
    "text_counter": 19,
    "type": "speech",
    "speaker_name": "Mr. Kimunya",
    "speaker_title": "The Minister for Finance",
    "speaker": {
        "id": 174,
        "legal_name": "Amos Muhinga Kimunya",
        "slug": "amos-kimunya"
    },
    "content": " Mr. Deputy Speaker, Sir, I beg to reply. (a) I am aware that the CMA has authorised Scangroup Ltd. to offer for sale to the public 60 million ordinary shares of a value of Kshs1 in Scangroup Ltd. at an offer price of Kshs10.45, to offer for subscription to the public of 9 million new ordinary shares of Kshs1 each by Scangroup Ltd. at an offer price of Kshs10.45. The Listing is of 159 million ordinary shares of Scangroup Ltd. on the main investment segment of the Nairobi Stock Exchange (NSE). The gross proceeds of the offer, assuming a full subscription, would be Kshs721,050,000. The gross proceeds received by the vendor would be Kshs627 million whereas the gross proceeds receivable by the company will be Kshs94,050,000. (b) I am aware that the company's total movable assets as at 2005 were valued at Kshs38,640,000 while it has no immovable assets. (c) I am further aware that the company had a bank overdraft of Kshs175,804,027 as at December, 2005. (d) Prior to granting approval of any offer for sale or subscription, the CMA subjects the issuer to rigorous eligibility requirements in accordance with the CMA's security's public offers listing and disclosure regulations of 2002. I have received information from the CMA that it received the information memorandum and was entirely satisfied that it met all the eligibility criteria and made all the required financial and non-financial disclosures. The information memorandum also contains independent financial and legal reviews by reporting accountants and lawyers. The financial statement on the basis of which it is issued has been duly audited in accordance with the international standards. The directors of the issuer and vendor have also attested to completeness and accuracy of the information. The combination of these factors should protect investors from fraud and enable them to make informed decisions as to whether or not to participate in the offer in line with their investment profiles."
}