The public offer made by Cembe Millers this Thursday through the print media was not approved as required for all public offers. The Capital Markets Authority (CMA) has cautioned the members of the public against participating in the unlawful public offer.

The offer is in breach of Section 30A Subsection (4) of the Capital Markets Act Cap 485A, which states; ‘’Subject to the provisions of this Act, an issuer or an offeror shall not make a public offer of securities unless that issuer or offeror has submitted a prospectus in respect of that offer to the Authority for approval’’.

CMA together with other arms of the government intends establish the identity of the persons behind the offer and take appropriate action against them.

Here is the original message posted on the CMA website.

source:CMA