Capital markets play a vital role in mobilising large-scale, long-term finance on the continent, while regionalisation and the emergence of financial hubs in sub-Saharan Africa encourage market momentum.
African countries are accelerating their economic development to meet the expectations of their populations, and financial institutions play a pivotal role in this process. Financing innovations are delivering fast, sustainable growth to businesses and individuals, and capital markets complement bank financing to provide large-scale and long-term solutions.
A key player in the African capital markets landscape, ALN provides a wealth of knowledge and expertise in a complex regulatory environment.
Our lawyers understand the complexity of regulation and are well placed to advise both foreign and local clients on the listing process and relevant regulatory processes. Our capital markets practice has acted for a range of local and international listed companies, lead managers, and financial advisers throughout the Continent.
Principal Areas of Practice:
- IPOs (including cross-listings)
- Listed REITS
- Private placements
- Regulatory engagement
- Rights issues and other equity issues
- Sovereign and other debt issues
What Sets Us Apart in Our Capital Markets Services:
- Comprehensive & Forward-Thinking Advisory: Our capital markets practice is supported by a robust corporate, banking, finance, restructuring, and insolvency departments.
- Cross-Border & Multi-Jurisdictional Capability: More than 60% of our transactions involve cross-border mandates. Through our Pan-African network of leading corporate law firms and our UAE presence, we navigate complex, multi-jurisdictional deals with efficiency, consistency, and precision—helping clients list, raise capital, or invest across multiple markets.
- Sector-Specific Legal Insight: We understand the unique capital markets needs of private equity, energy, infrastructure, financial services, real estate, construction, and telecommunications sectors. Our advice is tailored to industry realities, ensuring each transaction is strategically structured and legally sound.
- Regulatory Engagement Across Africa & the UAE: We maintain strong, trusted relationships with regulatory bodies, including capital markets authorities in Africa and the UAE. This enables us to provide timely insights, anticipate regulatory shifts, and secure smoother transaction approvals.
- Pioneering Innovation for Client Benefit: Our innovation team has developed and rolled out AK-ADD, an application that uses a proprietary algorithm to produce real-time, one-page due diligence reports accurately summarising deal risks, which has been used globally. We have also built a secure, cost-effective AI ecosystem, deploying locally-hosted Large Language Models (LLMs) and developing contextual AI agents in-house to enhance our lawyers’ efficiency and learning while ensuring client data security.
Representative transactions include advising:
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National Government of Kenya (GOK)
In connection with the issue of its USD 2 billion Eurobond – the largest sovereign debut debt issue in Sub-Saharan Africa to date and the 2014 African Deal of the Year at the Global Capital Emerging Markets Bond Awards – as well as its subsequent USD 750 million tap.
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Equity Group
The largest commercial bank on the African continent by number of customers and traded on the Nairobi Securities Exchange, in connection with its cross listing on to the Rwanda Stock Exchange.
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Umeme
The largest electricity distribution company in Uganda and publicly traded on the Uganda Securities Exchange, in connection with its cross listing onto the Nairobi Securities Exchange.
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Bharti Airtel and Airtel Africa
a subsequent initial public offering.
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Old Mutual
In connection with the delinking of its operations in the northern hemisphere and the southern hemisphere, including creating of a new entity to be listed on the Johannesburg stock exchange with secondary listing in Malawi, Namibia and Zimbabwe for the southern hemisphere, as well as the delisting of one entity and listing of another on the Malawi stock exchange.
Principal Areas of Practice in Capital Markets
ALN Firms are key players in the African and UAE capital markets landscape, offering a wealth of knowledge and expertise in a complex regulatory environment. We provide tailored counsel that reflects a refined appreciation for the expectations and requirements of both sides of a financing transaction. Our expertise spans a broad spectrum of services, encompassing traditional and cutting-edge financial instruments.
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Initial Public Offerings (IPOs) & Cross-Listings
Navigating the complexities of bringing a company public or listing its shares across multiple exchanges requires proper planning and deep legal insight. ALN Firms provide comprehensive support for:
- Initial Public Offerings (IPOs): Guiding clients through every stage of the IPO process, from initial structuring to final listing on relevant stock exchanges.
- Cross-Listings: Assisting companies in listing their shares on multiple stock exchanges across different jurisdictions, enabling broader investor access and market exposure.
- Regulatory Compliance: Advising both foreign and local clients on the intricate listing processes and ensuring adherence to all relevant regulatory requirements.
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Private Placements
For companies seeking to raise capital outside of public market offerings, private placements offer a flexible solution. ALN firms provide strategic advice on:
- Structured Capital Raising: Assisting with private placements of listed shares, tailoring solutions to meet specific financing needs and investor profiles.
- Strategic Advisory: Offering guidance on the legal and regulatory aspects of private placements to ensure efficiency and compliance.
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Rights Issues and Other Equity Issues
Raising additional equity capital from existing or new investors requires careful legal execution. ALN firms advise on various forms of equity issuance, including:
- Rights Issues: We guide companies through the process of offering existing shareholders the right to purchase additional shares, facilitating capital expansion.
- Debt and Equity Capital Markets: We have expertise across both debt and equity instruments, providing integrated solutions for a wide array of capital-raising needs.
- Diverse Equity Offerings: We assist with other equity issues and structured finance solutions to optimise capital structures.
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Listed Real Estate Investment Trusts (REITs)
REITs are a growing avenue for real estate investment in Africa and the UAE, and our expertise ensures clients can effectively participate in this evolving market. We offer specialised guidance on:
- REITs Legislation: Advising on the nuances of Real Estate Investment Trusts legislation, enabling clients to structure and operate listed REITs effectively.
- Operational Compliance: Providing counsel on the operations of companies listed on stock exchanges, ensuring ongoing regulatory adherence for REITs and other listed entities.
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Regulatory Engagement
Our proactive and strong engagement with regulatory bodies sets us apart, providing clients with unique insights and a smoother path through complex regulatory landscapes. We specialise in:
- Direct Regulatory Consultation: Our ALN firms maintain an excellent relationship with capital markets authorities and are directly engaged to advise on various crucial matters.
- Legislative Advisory: Providing counsel on key financial sector developments and offering proposals for legislative amendments under consideration by relevant ministries and state law offices.
- Compliance Guidance: Advising on complex regulatory frameworks governing capital markets transactions, ensuring clients are well-positioned to meet their obligations.
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Sovereign and Other Debt Issues
ALN firms possess significant experience in advising on large-scale debt instruments, crucial for both national governments and private entities seeking substantial financing. Our services include:
- High-Yield Bonds: Advising on the issuance and structuring of high-yield bonds for various entities.
- Sovereign & Quasi-Sovereign Issues: Guiding national governments and government-related entities through the process of issuing debt instruments in capital markets.
- Complex Debt Financing: Advising on advanced debt financing structures, including derivatives and master repurchase agreements for government securities.
