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{
    "id": 495517,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/495517/?format=api",
    "text_counter": 499,
    "type": "speech",
    "speaker_name": "Hon. (Ms.) Abdalla",
    "speaker_title": "",
    "speaker": {
        "id": 382,
        "legal_name": "Amina Ali Abdalla",
        "slug": "amina-abdalla"
    },
    "content": "THAT Clause 47 be amended by deleting sub-clauses (2), (3) and (4) and substituting therefor the following new sub-clauses — (2) A holder of a mining license whose planned capital expenditure exceeds the prescribed amount shall list at least twenty percent of its equity on a local stock exchange within four years after commencement of production. (3) The holder of a mining licence may apply in writing to the Cabinet Secretary to execute an equitable alternative mechanism that will allow the company to meet the requirement set in sub-clause (1) including an extension of time. (4) The Cabinet Secretary, may after consultation with the National Treasury extend the period set out in sub-clause (2) for reasons that the market conditions do not allow for a successful completion of the offering in the local stock exchange. This amendment is a very important one in that it requires that every mineral right owner, especially a mining company, has to offload 20 per cent of its company in the stock exchange. However, the input that we have received indicates that it could be too early to do it in four years and we are putting amendments that allow the 20 per cent to be met at a longer time should the investor request. Secondly, it is to give alternative methodologies of offloading that 20 per cent, but with a clear indication that it should be equitable. This is because it has been shown that sometimes it is so expensive to list in the stock exchange and yet you could be able to have counties invest in this or other mechanisms. So, this is a very important amendment that intends to improve transparency in the offloading of 20 per cent ownership of these mining companies to Kenyans."
}