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Significance of legal due diligence in M&A
Monday April 26 2021
The spectre of a dead deal loomed when it emerged that an employee of BOC Kenya Plc, an industrial and medical gas manufacturing company, which is currently involved in an acquisition process by Carbacid Investments Ltd and Aksaya Investments LLP, filed a labour dispute in court against the company for a claim of Sh15 million. The employee made an application to the Nairobi’s Industrial Court seeking to halt the acquisition until his claim is heard and determined.
The court’s riposte to that petition was to provisionally restrict BOC from pursuing its buyout deal; with Justice Mbaru Monica ordering it to temporarily hold off any merger, transfer or reorganisation of its business and/or disposal of assets until the said labour dispute was resolved. The court’s decision thwarted the progress of the buyout resulting in a substantial delay of the publication of key transaction documentation.
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The new NSE derivatives offering will provide investors with a revolutionary onboarding process that will take less than five minutes to start trading as opposed to the current average two-day processing time, putting Kenya at par with global standards.
Samwel Kiraka, CEO of EGM Securities, said: “We are very pleased to deliver another innovative and world-class offering to Kenya’s financial markets that enables investors to take quick advantage of intraday trading opportunities on the NSE derivatives markets, eg buy in the morning and sell in the afternoon, across all our trading platforms, including MT4, Webtrader, and Kenya’s well-known FXPesa.”
IFC Bolsters Financing for African Health-Care Businesses2021-04-142021-04-14http://www.liquidafrica.com/wp-content/uploads/2015/12/LA-Logo.pngliquidafricahttp://www.liquidafrica.com/wp-content/uploads/2015/12/LA-Logo.png200px200px
The International Finance Corp. has started a $300 million fund for small and medium-sized health-care businesses in Africa to enable them to access essential medical equipment and boost their ability to deal with the coronavirus and other health challenges.
Most smaller health-care operators can’t secure bank loans due to their perceived high investment risks, even as they serve more than half of the continent’s population, the IFC said in a statement Wednesday. Access to equipment needed for scanning, magnetic resonance imaging and other procedures is meanwhile the worst in the world, a problem the new Africa Medical Equipment Facility aims to help address, said Makhtar Diop, the IFC’s managing director and executive vice president.