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BOWMANS SOUTH AFRICA: JSE Consultation Paper to Reform Listings Framework

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By Mili Soni (Senior Associate) and Charles Douglas (Co-Head of M&A), Bowmans, Johannesburg, South Africa. Bowmans is the 3rd Largest Law Firm in Africa as ranked in Africa Top 50 Law Firms in 2022, with over 400 specialist lawyers providing integrated legal services throughout Africa from eight offices (Cape Town, Dar es Salaam, Durban, Lusaka, Johannesburg, Kampala, Moka and Nairobi ) in six countries. 

As part of the JSE’s active focus on remaining relevant and competitive in order to retain and attract more listings and capital markets activity, the JSE has released a further consultation paper considering the following proposals:

  • Market segmentation: It is proposed that mid/low-cap companies be provided with regulatory relief by splitting the current two-tiered equities market from the Main Board and AltX into two segments at Main Board level and establishing a growth board (for SMEs to have an effective and appropriate level of regulation depending on the market cap and level of liquidity concerned).
  • Dual class shares: The introduction of dual class shares is being proposed (i.e. low or high voting shares, being shares of different classes holding different numbers of votes per shares).
  • Technology Board: The JSE would like to establish a Technology Board to invite tech IPOs to take place through more inclusive and adaptable listing rules to support technology and innovation enterprises. It is anticipated that this would allow, inter alia:
    • dual class share structures;
    • no profit or qualified audit opinion over the last two years;
    • a lower threshold for subscribed capital;
    • a lower level of equity shares in issue and a lower free float threshold; and
    • broader ranges for cat 1 and 2 transactions and issue for cash authorities.
  • Free float: The 20% free float threshold for a Main Board listing is a deterrent to listing and may be reconsidered, alongside reconsidering public spread criteria as applied to institutional investors.
  • Depositary receipts: The JSE would like to allow African listed companies to access the JSE through depositary receipts to gain exposure to African listed securities.
  • Simplification of the JSELR: The aim is to use plain language and reduce the volume of the JSELR.
  • Auditor accreditation: This may be removed for applicants whose auditors are regulated by the Independent Regulatory Board for Auditors (IRBA).
  • REIT expansion: The JSE is considering expanding its REIT offering beyond property (e.g. to include infrastructure).
  • Review of SPACs: Further alignment with international leading markets is sought to ensure the attractiveness of SPACs.
  • Financial Reporting Disclosures: The JSE aims to simplify these.
  • Actively Managed Certificates and Actively Managed Exchange Traded Funds: Expansion of specialist securities offerings is in the pipeline.
  • Specialist securities rejuvenation project: The JSE intends to remove administrative provisions and align the provisions with international best practice going forward.
  • Repositioning the BEE segment: Simplification of the BEE Listings Requirements is sought to allow BEE companies to list on a stand alone basis, where trading will only be allowed between eligible BEE participants.
  • Review of Secondary Listings Framework: The JSE would like to expand its list of approved and accredited exchanges to facilitate these (e.g. the Singapore Stock Exchange was added to the list in 2021 and also qualified for the fast-track secondary listing route).

The JSE invites comments by Monday 20 June, after which it will engage with the Financial Sector Conduct Authority (FSCA) for approval.

The information contained in this article is provided for informational purposes only, and should not be construed as legal advice on any subject matter. Follow this link to read the Original Article published in the Bowmans Website. The Copyright © for the article belongs to Bowmans and the Authors. For any further information or clarifications on the above matters, please contact: Charles Douglas and Mili Soni.

Law Firms

Top 25 Law Firms in Kenya 2024: Githuku & Githuku Advocates LLP

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Photo Courtesy: Firm Logo.

GITHUKU & GITHUKU ADVOCATES LLP

Established in 2016| Partners: 2 | Principal Office: Nairobi

Contacts: Kose Heights, 3rd Floor, Apartment F 3.4, Argwings Kodhek Road, Hurlingham, Nairobi, Kenya.

Telephone: (+254) 725 759 887 / (+254) 723 634 410

Email: info@githukuadvocates.co.ke; githukuadvocates@gmail.com

Website: www.githukuadvocates.co.ke

Download: Githuku & Githuku Advocates LLP Profile (PDF)

The Firm

Githuku & Githuku Advocates LLP is a full-service law firm that constitutes of several advocates, legal consultants and a number of paralegal and administrative staff. The firm was established in April 2016 by the founding partners Hannah Wangui Githuku and Dianah Wanjeri Githuku. The firm’s vision is to provide legal services to all businesses, institutions or persons, to offer practical solutions to our clients and to be universally recognized as a full-service law firm.

The firm undertakes to embrace client’s needs and address them soundly by offering turn-around time, to enable them make informed decisions. The firm has a reputation for providing exceptional legal services. The firm lawyers are renowned for their commitment to excellence and for ability to find innovative solutions to the most complex of legal problems which clients recognize and value.

The firm currently has offices in the prestigious environs of Hurlingham area at Kose Heights Building 3rd Floor Suite F3.4 located on Argwings Kodhek Road, Nairobi. It has associate lawyers and consultants to enable the firm deal with matters across the country under one umbrella. The firm stands out for its resolve to provide amicable and effective solution-oriented services in a timely manner to its clients and offers the full spectrum of legal service and aid to a diverse clientelle base.

Practice Areas

Githuku & Githuku Advocates LLP offer a diversity of expertise in all areas of major practice. The firm lawyers offer a full complement of Legal Services in the following practice areas: Property and Conveyancing Law, Corporate and Commercial Law, Tax Law, Constitutional/ Administrative Law, Competition Law, Contracts Law, Labour and Employment Law, Insurance Law, Intellectual Property Law, Notarial Practice, Family Law, Administrative and Public Law, Banking and Finance Law, Energy Law, Legal and Governance Audit, Probate, Succession and Trusts, General Litigation/Alternative Dispute Resolution, Consultancy on matters of law and Entertainment Law.

Firm Partners

Hannah Wangui Githuku is an Advocate of the High Court of Kenya of 15 years standing and the Partner in charge of Legal Research, Conveyancing and Commercial Department. She holds a Masters Degree in International Studies from the University of Nairobi, a Bachelors of Laws Degree from the University of Nairobi and a Post Graduate Diploma in Law from the Kenya School of Law and one in Human Resource Management from the Institute of Human Resource Management. She is also a qualified Tax Agent. She has extensive high-level experience in Commercial matters, Conveyancing, Civil and Criminal litigation, Company Secretarial and Preparation and Reviews of Agreements for Sale, Leases, Transfers, Charges, Discharges of Charge, Chattel Mortgages, Debentures and Registration of Documents. She has recognized as one the top 100 lawyers in Real Estate and Finance Law in Kenya.

Dianah Wanjeri Githuku is the Partner in charge of Litigation, Consultancy, Taxation and Legal Audit Department, an Advocate of the High Court of Kenya of 14 Years standing, a Tax Agent, a Patent Agent, a Notary Public and Commissioner of Oath. She holds Bachelors of Law Degree from Catholic University of Eastern Africa (CUEA), a Post Graduate Diploma in Law from the Kenya School of Law and is pursuing her Masters in Leadership and Governance. She has broad experience in litigation and commercial law gained working for leading firms and the legal department of Kenya Revenue Authority (KRA) where she prosecuted complex and high value tax cases on behalf of KRA in Commercial, Constitutional and Judicial Review Divisions and Tax Appeal Tribunal. She has vast training and exposure in negotiation, drafting and management of contract, oil and gas contracting and trial advocacy.

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Top 25 Law Firms in Kenya 2024: John Bwire & Associates

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John Bwire & Associates Advocates

Established in 2016

Number of Partners: 3

Number of Associates: 3

Principal Office: Mombasa

Download PDF: John Bwire & Associates Advocates Law Firm Profile

Practice Areas and Expertise

John Bwire & Associates Advocates is one of the most vibrant and well-established upcoming law firms in Kenya with rich diverse legal practices and a highly knowledgeable and experienced legal team. The firm specializes in Real estate law, International law, Matrimonial and family law, Personal injury and medical malpractice, Debt collection, Tax services, Aviation law, Commercial law, Insurance law, Conveyancing, Appellate Litigation, Law Tort and General negligence, Human rights law and practice, Employment and Labour Law and Practice, Arbitration and alternate dispute resolution, Admiralty and Maritime law and Judicial review of administrative and government action. The firm also offers specialist legal services including Patents and Copyrights, Trademarks, mining and prospecting, tax planning and establishment and registration of pension and provident funds.

John Bwire & Associates Advocates provides a comprehensive range of legal services to all its clients that spans across various sectors. The firm’s expertise spans across a number of industries and sectors, including leading corporate, banking and financial institutions, government parastatals and regulators, as well as high net-worth entrepreneurs.

John Bwire & Associates Advocates is structured into two departments – The Litigation Department which deals with all litigation and The Commercial and Conveyancing Department which deals with all non-litigation work. Clients’ work is allocated and supervised by the partner in charge of the Department in which the work is done. Where the client wishes to have a contact partner to whom all their work is referred in the first instance, the firm is glad to arrange for that.

The Firm’s Approach and Facilities

John Bwire & Partners Advocates is always driven by the commitment to ensure excellence in provision of legal services and strives to provide a complete legal and advisory solution to clients through tailormade insights and experience. John Bwire & Associates Advocates keeps close contact with clients to reman connected to them and intimately understand their individual and business legal needs to offer added value.

The firm has also built enviable connections with local regulators and accumulated wealth of experience of and insights in dealing with and handling local issues, regional and cross-border legal services in all business aspects across jurisdictions using a “one-stop shop” approach. In addition, the firm lawyers have cultivated commercial legal skills in specialist areas to serve local and international clients better at national, regional and global stage.

The has modern office facilities that include computerized word processing and accounting systems. The firm has invested to take advantage of the digital revolution and remote access and is accessible online and offline in maintaining the advocate-client relationship. The firm’s clientele entails local, regional and international businesses including listed companies, banking and financial institutions, insurance companies, private equity funds, venture capital and institutional equity investors, telecommunication companies, project developers and financiers, multilateral lenders, industrial and commercial companies, real estate developers, professional firms as well as government and public organizations.

The Firm’s People

John Bwire & Associates Advocates team comprises Managing partner and three (3) senior partners supported by 3 legal assistants and about a dozen support staff. The Managing Partner Hon John Bwire previously he worked as a partner at Kithi and Company Advocates and as an associate at the firm of Iseme, Kamau & Maema Advocates and the firm of Nchogu, Omwanza & Nyasimi Advocates. His practice mainly focuses on Civil and Commercial litigation in the Court of Appeal, High Court, Employment and Labour Relations Court, Subordinate courts, Business Premises Rent Tribunal and quasi-judicial bodies with a bias in land matters, labour /employment disputes, public law, banking and commercial disputes, insurance and personal injury claims, arbitration, family and succession and admiralty, maritime and shipping claims. The Other Partners of the firm are Patience Tumaini Lugo and Daniel Chokaa Muliro.

Contact John Bwire & Associates Advocates

Physical Address: Palli House, 4th Floor Nyerere Avenue

Postal Address: P.O Box 98731-80100 Mombasa

Telephone: +254 412 222 035 | +254 (0) 722 629 941

Cellphone: +254 (0) 726 003 750

Email: info@jblaw.co.ke / bwire@jblaw.co.ke

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Law Firms

Lex Mundi strengthens Global Reach with Two New Member Firms

Lex Mundi, the world’s leading network of independent law firms, has strengthened its African experience with the addition of Bennani & Associés LLP and AF Mpanga as member firms for Morocco and Algeria, and Uganda respectively. The network’s expansion in Africa reflects the growing importance of the continents markets, internationally.

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Lex Mundi, the world’s leading network of independent law firms, has announced the addition of two prestigious member firms in Africa to its global network covering three markets. Bennani & Associés LLP has been appointed as the Lex Mundi member firm in Algeria and Morocco. AF Mpanga, has also joined Lex Mundi as the exclusive member firm for Uganda, further enhancing the network’s comprehensive coverage on the African continent.

Bennani & Associés LLP is a highly regarded independent law firm in French-speaking Africa, operating in North, West, and Central Africa. With a team of accomplished legal professionals, the firm offers leading legal expertise to listed and unlisted companies, public entities, and international law firms.

Bennani & Associes is a full-service firm advising on general corporate law and corporate transactions, finance matters and dispute resolution, providing comprehensive legal solutions to foreign investors for complex issues. Bennani & Associés LLP’s strong presence in Algeria and Morocco positions Lex Mundi strategically to offer clients first class, comprehensive legal support in these important North African markets.

Mehdi Bennani, Managing Partner of Bennani & Associés LLP, expressed his pride in the Lex Mundi membership: “We are honoured to become a part of Lex Mundi, the world’s premier network of independent law firms. This collaboration will enable us to provide even greater support to our clients in Algeria and Morocco, as well as offer our expertise to clients seeking legal services in our jurisdictions through Lex Mundi’s global platform.”

Top Ugandan Firm AF Mpanga has also joined Lex Mundi. AF Mpanga is a distinguished full-service law firm with a rich legacy of serving clients in Uganda and the East African region since its establishment. The firm’s expertise spans various practice areas, including corporate and commercial law, banking and finance, energy and natural resources, and dispute resolution. With a deep commitment to excellence, a strong presence in the region and its legacy within the network, AF Mpanga brings valuable local insights and legal acumen to Lex Mundi.

David F.K. Mpanga, Senior Partner of AF Mpanga, expressed his enthusiasm to be part of the Lex Mundi network: “Joining Lex Mundi is a significant milestone for AF Mpanga. We are excited to work alongside Lex Mundi member firms, contributing our local expertise to this global network. Together, we will provide clients with unparalleled legal services in Uganda and the East African region.”

Helena Samaha, President & CEO of Lex Mundi, expressed her enthusiasm about these new additions to the network: “We are delighted to bring Bennani & Associés LLP and AF Mpanga to the Lex Mundi family. Their commitment to excellence and deep understanding of their local legal landscapes makes them valuable additions to our global network. As Lex Mundi continues to grow, we are better positioned than ever, to serve our clients with top-tier legal expertise in key African jurisdictions.”

These new member firms strongly align with Lex Mundi’s mission to connect clients with trusted, high-quality legal services and networks worldwide, due to their unmatched footprint in the legal sector. The networks’ strength lies in its ability to provide clients with access to local expertise backed by its extensive global network of legal professionals.

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