Investors Get 45 Day-Window as Stanlib Kenya Fund and REIT Managers Wind Down

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investors-get-45-day-window-as-stanlib-kenya-fund-and-reit-managers-wind-down — Investors Get 45 Day-Window as Stanlib Kenya Fund and REIT Managers Wind Down

The public has a 45 day window to raise any unresolved and outstanding issues with Stanlib Kenya Fund and Reit Managers, Capital Markets Authority (CMA) has advised.

The firm has notified CMA of its intention to cease operation of licensed activities, and the Authority has accepted the request for revocation of the licence.In line with the requirements of Capital Markets Act, upon lapse of the fourty five (45) days and no notification to the Authority on any outstanding issues, the licence shall stand revoked.Stanlib Kenya has been fully operational since 1998 as Stanbic Investment Management Services (EA) Ltd, licensed by the Capital Markets Authority and the Retirement Benefits Authority in Kenya to provide investment advisory and Fund Management Services.“It is notified for general information that the licensee appearing on the Schedule hereinafter has notified the Capital Markets Authority of its intention to cease operation of licensed activities, and the Authority has accepted the request for revocation of the licence,” Wyckliffe Shamia, Chief Executive Officer of the Capital Markets Authority said in a gazette notice.

STANLIB Kenya is owned by Liberty Holdings, the principal shareholder of Liberty Kenya Holdings Limited, a company which is listed on the Nairobi Securities Exchange.

ICEA LION completed the takeover of Stanlib I-REIT from Stanlib Kenya Limited effective 18 May 2020. The two firms entered into the deal worth more than KSh1.5 Billion on 6th November 2019.

Stanlib Kenya operated as the promoter and REIT manager as set out in the REIT management agreement dated 1 October 2015 and the trust deed dated 30 September 2015.