Acacia Fund had notified the Capital Markets Authority of its intention to cease operations, effectively requesting for the cancellation of the licence it held since 1996.
The Sh1.9 billion fund members resolved in February to wind it up after it became dormant.
The curtain has come down on Acacia Fund, one of Kenya’s pioneer venture capital outfits, after the Capital Markets Authority (CMA) accepted a request to revoke its operating licence.
Acacia had notified the regulator of its intention to cease operations, effectively requesting for the cancellation of the licence it held since 1996.
The Sh1.9 billion fund members resolved in February to wind it up after it became dormant, partly due its main backers, who included development finance institutions CDC of Britain and DEG of Germany, forming new investment vehicles to invest in the regional market.
“The licensee 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 license,” says the CMA in the gazette notice dated May 16, but published on Friday.
“Notice is therefore given to the members of the public to raise any unresolved and outstanding issues (if any) with the company and also notify the CMA on the same, within 45 days from the date of publication of this notice.”
