MPs have pressed the Capital Markets Authority (CMA) to scrutinise public share offers more closely, Capital FM reported. They warned that ordinary Kenyans could lose money if they buy shares without understanding a company's finances and risks. The challenge came from the National Assembly Public Investments Committee on Commercial Affairs and Energy. Quickmart's share sale was at the centre of it.
In the offer, Sokoni Retail Kenya Limited is selling two billion existing shares at KSh 7.50 each. Investors applied for KSh 18.41 billion worth of shares, an oversubscription of 22.7 percent. Because an existing shareholder is selling, the KSh 15 billion goes to the seller. Quickmart itself gets no new capital from the deal.
Nairobi Woman Representative Esther Passaris asked whether buyers had been clearly told what this means. The deal has been described as a partial exit by private equity investor Adenia and the company's founders. The committee, chaired by Pokot South MP David Pkosing, also questioned CMA's checks. Members asked whether the regulator had properly examined Quickmart's financial position, operating cash flows and supplier obligations before approving the offer.
MPs pointed to the collapse of the Uchumi and Nakumatt supermarkets. They said those failures should shape how similar offers are judged. Pkosing told CMA that, as the market regulator, it had a duty to protect Kenyans from losing money. He said supermarket share offers appeared to be the biggest risk needing the authority's immediate attention.
CMA Chief Executive Officer Wyckliffe Shamiah defended the regulator's review. He said the offer had been thoroughly examined and met the required thresholds. "The SME (Quickmart) is not heavily reliant on debt, as the bulk of its funding is internally generated," Shamiah said.
Capital FM noted that secondary sales like this one let existing owners cash in and let the public buy into established businesses. Unlike a primary share issue, however, they raise no new money for the company. The publication said strong demand raises the question of whether investors understand the retailer's performance, valuation and growth prospects.
The committee also went through audit queries in CMA's financial statements from 2018/2019 to 2024/2025. These covered temporary staff and the procurement of medical insurance brokerage services. Shamiah said the temporary staff were hired because of personnel shortages. He added that substantive recruitment has since been carried out with National Treasury approval. The authority said its insurance brokerage procurement complied with the law.